Friends

The Dow continued its march higher, but the Nasdaq saw some profit taking after this week’s sizeable gains. On the economic data front, today’s ADP Private Payroll number showed hiring having slowed in July. Only 44,000 new payrolls were added which was shy of the 75,000 analysts had expected. We get a look at the government non-farm payroll number on Friday.

As for today, by the close the Dow Jones Industrial Average was up 263 points to finish the day at 54,349. The S&P 500 was down 12 points to close at 7,723. The Nasdaq Composite Index was down 221 points to close at 26,363. Gold was up $158 to trade at $4,311 per ounce, while oil was down $.57 to trade at $75.20 per barrel WTI.

Earnings continue to be great despite some negative share price reactions like AMD today. Often investors react more to the company’s future guidance than their current snapshot, but great corporate managers often guide low and then over deliver. Anyway, let’s see how the rest of the week plays out.

Have a nice evening everyone.

Jim