The SP500 rose on strong earnings, closing out the best January since 1987, having risen 8% for the month. The Federal Reserve indicated yesterday it will pause rate hikes which also caused investors to rush back into the market following a vicious December selloff. This is a busy week of earnings with more than 100 SP500 companies reporting. So far, 70% of the companies have beaten expectations that have reported. At the end of the day, momentum stayed in equities, with the major indices closing mostly higher across the board:
DOW -15 at 24999
SP500 +23 at 2740
NASDAQ +98 at 7281
The 10 Year Treasury yield closed down 6 basis points to yield 2.63%
Oil prices closed -.21 at 54.02 a barrel
Gold prices closed +9.20 at 1324.70 an ounce
In the days’ stock news:
- Shares of FB surged over 10% after the company’s quarterly results easily topped expectations.
- GE shares jumped over 11% on stronger than forecast revenue.
- Not everyone participated in the rally today. Microsoft fell nearly 2% after the company reported weaker-than-expected revenue and earnings that barely beat expectations. The tech giant also issued quarterly earnings guidance that was lower than expected.
- Amazon is scheduled to report after the close.