July 14, 2017

The major indices all rallied their way through the day, with the SP500 hitting new record highs, as the markets bet on a strong earnings season. The indices have overcome several hurdles recently including the weakness in the tech sector to close out the first half of the year and the headlines regarding Russia’s involvement in the US election. At the end of the day, investors are eagerly awaiting the start of earnings season and have expectations for a strong showing for the 2Q. At the end of the day, the indices closed in the green across the board:

DOW +84 at 21637
SP500 +11 at 2459
NASDAQ +38 at 6312

10 Year Treasury closed down 3 basis points to yield 2.38%
Oil prices closed +.56 at 46.80 a barrel
Gold prices trading +10.50 at 1227.80 an ounce

In the days’ stock news:

  • Several key financial companies reported this morning with JPMorgan Chase, Citigroup and Wells Fargo all posting better-than-expected profits. They all beat on the bottom line thought there was a bit of disappointment on the guidance. Overall, it’s been a good start to the earnings season.
  • It was a rough week for Snapchat, downgraded for a second time since its recent IPO. SNAP closed down 2.5% at 15.29.