Well, what didn’t happen today? Nasdaq stocks, the S&P 500, and Dow were trading flat most of the day. There was a bit of ebb and flow but the markets were captivated by several major “breaking stories.”
First, controversy rose as speculation surrounding Jeff Sessions position at the White House began to take shape. Based on comments made by President Trump, many were confused about where Sessions would within the next few days. The president had lashed out at the nation’s top law enforcement official in a New York Times interview. But according to Sessions, he said that he will be staying for as long as “appropriate.”
Outside of the markets (but still reported on by financial media), OJ Simpson’s parole hearing was this afternoon. According to reports, Simpson made more than $600,000 during his nearly 9-year stent in prison and after being granted parole, he now has the right to spend it however he sees fit. These dollars were earned through his NFL pension, which is protected by state law…so of course this breaking news story took away some of the spotlight around the stock market today.
When is came to the actual markets, Nasdaq stocks closed slightly higher with stocks like Eco-Stim Energery (ESES), Aeterna Zentaris (AEZS), and Sarepta Therapeutics (SRPT) leading gains. Additionally, tech also helped boost the Nasdaq. Amazon (AMZN) rose 0.4 percent and was the biggest boost on the Nasdaq, along with Facebook (FB). Both the companies are due to report results next week.
“Earnings are going to surprise to the upside and so far it’s been good,” said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company, to Reuters on Thursday afternoon. “I think the one thing that’s changed is now we’re getting revenue growth because in many cases the world is doing better. That’s the big change to the economy over the past year and that’s what will keep the fire burning in the future.”