Hello traders everywhere. The stock market is posting new intra-day record highs again as traders turn their sights to a wave of corporate earnings. Most experts believe that earnings season will be exceptionally strong on the heels of the new U.S. Tax Code.
An early indication of this can be seen by the stronger than expected earnings from J.P. Morgan today. The most prominent U.S. lender by assets said the new tax law would help future profits by not only reducing the amount it pays the federal government but also by stimulating more business.
Shares of JP Morgan (JPM) rose 1.1%, helping lift the S&P financial index up 0.6%, after its fourth-quarter profit beat estimates.
Wells Fargo (WFC) on the other hand fell 0.8% after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,673.61
Dow (INDEX:DJI): 24,708.42
NASDAQ (NASDAQ:COMP): 6,907.01
Gold (NYMEX:GC.G18.E): 1,308.90
Crude Oil (NYMEX:CL.F18.E): 63.06
U.S. Dollar (NYBOT:DX.H18.E): 92.96
Bitcoin (CME:BRTI): 12,578.25
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
