The political turmoil surrounding President Trump, Russia and the FBI seems to be fading and markets are starting to refocus on regulatory and tax reform issues again.
At the close on Friday the Dow gained 165 points to 20,828. Trading volume was heavy which for a Friday was good. For the week the Dow lost about a half a percentage point.
John Deere reported earnings and the numbers looked like a gleaming new tractor. The company posted a 5% revenue rise and a 37% increase in profits. The better results came from cost controls and strong sales in international markets which offset continued sluggish, albeit stable sales in the US and Canada. CEO Sam “I Am” Allen noted that a rebound in South American agriculture equipment sales really boosted results. He also said that going forward they are were upping guidance significantly as equipment sales were expected to grow 9% up from earlier guidance of 4%. Shares responded to the news and hit a new high.
There is another Scout trip this weekend. It looks like close to 40 hon-yoks are going on this one. It is our annual camporee and we hope to bring home the prize for top troop in the district.