Friends

It was a difficult ending to the week for stocks despite a pretty good start to earnings season. So far 87% of the companies that have reported have beaten earnings expectations. On the economic front retail sales met expectations today and weekly jobless claims have been trending down. The labor market is stronger than many expected it would be at this point. Bond yields have eased back just a little bit, but I am still keeping my eye on the longer end of the yield curve.

As for today, by the close the Dow Jones Industrial Average was down 406 points to finish the day at 52,146. The S&P 500 was down 76 points to close at 7,457. The Nasdaq Composite Index was down 361 points to close at 25,520. Gold was up $22 to trade at $4,014 per ounce, while oil was up $2.92 to trade at $81.87 per barrel WTI.

Buckle up as we have a couple of big earnings weeks ahead of us. The market looks tired, but earnings are still coming in strong.

Have a great weekend everyone.

Jim