Wall Street slips after rally as earnings, data eyed
Thu January 16, 2025 5:16 PM
Yesterday’s ebullience was replaced by today’s caution and continuing uncertainty as the indexes once again swung back and forth between black and red several times, but only modestly so. The Nasdaq took a slightly bigger hit being in the red virtually all day and closing down 3-digits, though all of the losses were just a small fraction of yesterday’s gains. So it was a day to take breath despite a considerable amount of good news which included the big banks, which are the market’s bellwether, still coming in with strong earnings.
Other upbeat reports were the Fed offering reassurances that inflation is expected to continue easing, the labor market remains strong, the overall economy remains resilient, and Trump’s Treasury nominee in today’s hearing offered reassurances regarding the status of the dollar, the Fed, and Russia. Perhaps we’ll see the impact of this positive news in tomorrow’s market. But the Trump questions remain the cause of the skittishness which will likely continue through Q1 and beyond until the impact of the proposed policies can be assessed. Volume came in at 14.3 billion, still below 15.7 billion average.
DJ: 43,221.55 +703.27 NAS: 19,511.23
+466.84 S&P: 5,949.91
+107.00 1/15
DJ: 43,153.13 -68.42 NAS: 19,338.29
-172.94 S&P: 5,937.34
-12.57 1/16
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