Friends

Stocks moved lower as financial shares led by JP Morgan moved lower during today’s trading session. Though the bank had really good earnings, the shares appear to have priced in the good news. Also rattling financial shares is the continued consternation over the President wanting to cap interest rates on credit cards. I don’t think I have to tell you why price controls are not a good idea and that applies to credit card interest rates, as unfair as they may seem.

As for today, by the close the Dow Jones Industrial Average was down 398 points to finish the day at 49,191. The S&P 500 was down 13 points to close at 6,963. The Nasdaq Composite Index was down 24 points to close at 23,709. Gold was down $18 to trade at $4,595 per ounce, while oil was up $1.53 to trade at $61.03 per barrel WTI.

This morning’s CPI data came in as expected with the annual number for inflation at the retail level running at 2.7%. The core consumer price index came in slightly better at 2.6% annualized. Food prices and shelter costs remain troubling, but in general it was a decent report and the markets seemed pleased at first. Let’s see how earnings season unfolds.

Have a nice evening everyone.