By Markus Heitkoetter
Just a day after an impressive run to 2016 highs, stocks ended the day flat.
The major indices rallied ahead of the open, then again in early afternoon. But there just wasn’t enough momentum to add much to yesterday’s gains.
Here’s where the major indices ended the day:
The S&P finished flat. Up less than a point, the S&P ended at 2,083.
The DOW ended 0.1% higher. Adding 18 points, the DOW closed at 17,926.
The NASDAQ closed virtually flat. With a 1.5 point loss, the NASDAQ finished at 4,946.
Crude Oil (CL) retreated for the 2nd day in a row. After opening the day higher, CL finished with a 0.7% loss at $41.45 a barrel.
Analysts might be concerned about this earnings season, but so far banks seem to be doing just fine.
J.P. Morgan (JPM) released better than expected earnings yesterday and was up 4.2%. JPM continued to move higher today with another 1.3% gain and close of $62.59. Bank of America (BAC) reported first quarter profits this morning and finished 2.5% higher on the day after closing at $14.14.
As we head into the last trading day of the week, the question now is…
Will the market be able to end the week at 2016 highs? Or will traders take profits as we head into the weekend?
We’ll find out tomorrow!
Tomorrow’s key reports include Empire State Manufacturing at 8:30am ET and Preliminary Consumer Sentiment at 10:00am ET.