That's the only number any macro investor needs to know. That was the January 26 all-time high on the Dow.
Since that time, the world's most widely-followed stock index has fallen on some lean times, and getting back to its level days of glory isn't going to be easy, if at all possible over the near term.
Today was an effort to allay the fears of those looking at their 401k statements from the first quarter, which showed losses, possibly, for many, for the first time in years, perhaps as long as nine years.
Stocks continued to ramp higher throughout the day without any discernible news other than the usual flow of corporate earnings reports, most of which were positive, and the thought that President Trump won't actually send missiles into Syria. The tail is truly wagging the dog on this one.
The gain today on the Dow was close to 300 points. Putting that in perspective, if the Dow was to go straight up at the rate of 300 points per day, it would only take seven trading days to get back to the all-tme high.
But, how likely is that?
Not very.
What is likely is that the Dow will continue to gain through the month, as corporate earnings continue to fuel a rally, as visceral and fleeting as that may be. Something negative will come along to upset the status quo, as it usually doesn't, but investors are keen to ignore the negative and trade on the positive. That's because everybody likes to be positive, whether the reality supports it or not.
Examining a couple of representative corporate earnings reports, Delta (DAL) and Blackrock (BLK) stood out, both reporting before the bell.
Delta gained 74 cents per share, down from 77 cents a year ago. The stock gained 1.51 points (+2.93%). That's some wishful thinking there. The company is in the midst of a $5 billion stock repurchase, begun just over a year ago and scheduled to be completed by 2020. Putting this most-recent quarter in perspective, the company's EPS would be declining if the number of shares outstanding had held steady.
Blackrock was expected to hit 6.39 per share. The New York-based company's net income rose to $1.09 billion, or $6.68 per share, in the first quarter, up 28 percent from the year-ago period.
Adjusted for special items, BlackRock earned $6.70 per share. They have money (yours) and know how to put it to good use. The stock was up 7.70 (+1.47%) on the day. Blackrock executives - including CEO Larry Fink - are Washington and Fed insiders, expert at employing the most extreme accounting tactics, thus making up extraordinary investment opportunities. They are hardly saints, but they are well-protected.
Dow Jones Industrial Average April Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 4/2/18 | 23,644.19 | -458.92 | -458.92 |
| 4/3/18 | 24,033.36 | +389.17 | -69.75 |
| 4/4/18 | 24,264.30 | +230.94 | +161.19 |
| 4/5/18 | 24,505.22 | +240.92 | +402.11 |
| 4/6/18 | 23,932.76 | -572.46 | -170.35 |
| 4/9/18 | 23,979.10 | +46.34 | -134.01 |
| 4/10/18 | 24,407.86 | +428.76 | +294.66 |
| 4/11/18 | 24,189.45 | -218.55 | +76.11 |
| 4/12/18 | 24,483.05 | +293.60 | +369.71 |
At the Close, Thursday, April 12, 2018:
Dow Jones Industrial Average: 24,483.05, +293.60 (+1.21%)
NASDAQ: 7,140.25, +71.22 (+1.01%)
S&P 500: 2,663.99, +21.80 (+0.83%)
NYSE Composite: 12,580.22, +65.63 (+0.52%)
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