Top 3 Reasons Markets were Up Like Kevin Durant
Markets closed up on Wall Street: DJI +0.36% SP500 +0.48% Nasdaq +0.58% Gold +0.33% Oil +0.71%.
Although the Philly Fed had some concerning economic data, markets made love to the continued flow of positive earnings. On the commodities front, Oil (NYSE:USO) closed over $112. Silver (NYSE:SLV) spiked on a juicy short-squeeze rumor and Gold (NYSE:GLD) busted through the $1500 mark.
Today’s markets were up because:
1) Economic data tempered earnings. How many parties can bulls throw in a row? We’ll find out next week as we close the holiday-shortened week with another rally. We’ll get the bad news out of the way first. The Philly Fed fell off a cliff and Initial Jobless Claims are still hovering in the 400,000 zone. That had markets in a bad mood despite Apple’s (NASDAQ:AAPL) blowout earnings after the bell yesterday. But then …
2) Earnings turned the frowns upside down. Earnings season is in full gear now. Dow 30 (NYSE:DIA) component DuPont (NYSE:DD) closed the day in the green while Industrial (NYSE:XLI) heavyweight Honeywell (NYSE:HON) was up 3.3%. On the flip side, General Electric (NYSE:GE) and McDonald’s (NYSE:MCD) were both down ~2% after failing to add more helium to the earnings balloon. If you love staying in the know during earnings season, join us for our coverage here all day long.
3) Precious Metals (NYSE:DBP) are in another zone. Even the crazy conspiracy theory permabears who love precious metals never saw Silver (NYSE:SLV) hitting $46. And we know a ton of talking heads who shat on Gold (NYSE:GLD) saying it would NEVER reach $1500. Sucks for them. They probably aren’t listening to an expert guide them through the volatile yet rewarding world of Gold & Silver.
Now that you’re in the know, enjoy the holidays!