The Dow began the day moving up over 100 points then pulling back to close at 28,939 up 32 on heavy trading volume. Meanwhile the S&P 500 and NASDAQ indexes were lower as tech stocks too a breather while bank stocks moved higher. The US China trade deal is set to be signed tomorrow.
Earnings reports by big financial firms hit the news wires today and the results were generally, but not all, good. JP Morgan posted a 5% revenue gain and a 30% increase in net income. Wells Fargo had a drop in revenue of 4% and a 14% decline in net profits missing estimates and sending shares lower. The company took write-offs as new leadership works to get past the account opening scandal. Citigroup rounded out the day hitting a high after reporting 4% increase in top line results and a 32% jump in bottom line profits which is the best quarter for them since Washington crossed the Delaware. Consumer banking continues to show strength.
The scouts did not go camping last weekend and moved the trip to this coming weekend. Snoqualmie Pass has gotten 66 inches of snow in 4 days. All is well in the troop and on February 5th local business leaders are hosting a Friends of Scouting Breakfast at the Fremont Studio. If anyone is interested in attending please contact me for details.