The market was quiet on Thursday, trading in a tight range with the indices finishing mixed. The Dow finished 0.09% lower while the S&P eked out a 0.11% gain. The Nasdaq led the way, gaining 0.4%. Stocks got a small boost before the open from the jobless claims number, which came in less than expected (a positive).
Fed Chairman Ben Bernanke also conducted a lengthy press conference in which he discussed the Fed's current monetary policy. Bernanke defended the FOMC's decision to keep rates exceptionally low for an extended period, saying that no or slow growth was more of a threat to Americans' savings that inflation. The market interpreted the testimony as dovish, evidenced by Gold's run-up during the press conference.
The action may have been quiet today due to investor anticipation of Friday's employment report. US economic data has provided much of the impetus for the rally in 2012, and tomorrow's numbers will likely be an important inflection point for the market. A strong report could provide evidence that the recovery is taking hold and propel the market to new highs over the next couple weeks, or a poor one could remind investors that a meaningful economic resurgence is still years away.
Much like fellow casino stock Las Vegas Sands (LVS), which reported last night, Wynn Resorts (WYNN) is little changed after its earnings report. The stock beat handily on EPS but fell barely light of revenue expectations, and the stock is trading slightly lower as a result.
*DISCLOSURES: Scott Redler is long SPY, AAPL, VXX, JPM, SLB, WMT, OIH, AIG, LULU, VMW, DNDN calls. Short DIA.
