The Closing Look

Stocks rallied on Thursday as investors digested the latest round of economic data. JP Morgan (JPM) rallied after the company easily beat estimates. Shares of BlackRock (BLK) slid after the asset manager reported results that matched estimates. Overseas, the Bank of England decided to keep rates steady and suggested they may cut rates in August which means the easy money is here to stay. Several Fed heads came out today and said the Fed should remain patient in normalizing rates because of Brexit and other economic concerns.

Gary’s Thoughts: Another gap to the upside on more easy money. JPM good reaction to mediocre numbers. Normally, would say market tired and needs rest but we just may have successfully broke out of more than an 18 month range. Tons of earnings continue to come out next week.