Dow Jones Industrial Average Climbing Today After Rate Hike

Good morning! For Dec. 17, 2015, here's the top stock market news and stocks to watch...

Stock Futures Today

Futures for the Dow Jones Industrial Average Thursday, Dec. 17, 2015 were up 50 points this morning as traders make sense of yesterday's announcement by the Federal Reserve to increase the benchmark interest rate by 25 basis points. The decision pushed major financial institutions, including Wells Fargo & Co. (NYSE: WFC), JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) to hike their prime rate - the benchmark interest rate offered to its most credit-worthy customers. Despite the optimism from this rate increase, there's a dirty secret buried in the headlines. It turns out that this rate hike will seriously fleece American taxpayers all over again.

On Wednesday, the Dow Jones Industrial Average gained 224 points after the U.S. Federal Reserve increased rates for the first time since 2006. The decision marks an end to its zero-interest-rate policy (ZIRP), at least temporarily. Fed Chairwoman Janet Yellen said the U.S. economy has "held up and grown at a solid pace" in 2015. She said continued growth or higher inflation could warrant further rate increases.

Top News in the Stock Market Today

• The Stock Market Today: On Thursday, another busy day of economic data and earnings reports will overshadow yesterday's decision by the Fed. Here's a breakdown of what yesterday's interest rate hike means for the stock market.
• Oil Outlook: Oil priceswere mixed this morning on concerns about a global glut and news that the Fed boosted interest rates. January WTI prices were down 0.8% at $35.23 per barrel. Meanwhile, Brent oil crude - priced in London - were flat at $37.19.

Earnings Outlook: RHT, GIS, ACN, WGO, MCS

• Earnings Report No. 1, RHT: After market close, Red Hat Inc. (NYSE: RHT) will report fiscal third-quarter earnings. Wall Street analysts project a consensus EPS of $0.46 on $521 million in revenue.
• Earnings Report No. 2, GIS: Before the market opens, General Mills Inc. (NYSE: GIS) will report fiscal second-quarter earnings. Wall Street projects per-share earnings of $0.82 on $4.6 billion in revenue.
• Additional companies reporting earnings today include Accenture plc (NYSE: ACN), Winnebago Industries Inc. (NYSE: WGO), and The Marcus Corp. (NYSE: MCS).

 Stocks to Watch: SCTY, TSLA, P, FDX

• Stocks to Watch No. 1: SCTY: Wednesday was a big day for entrepreneur Elon Musk. The Silicon Valley visionary earned almost $770 million on paper when two of his companies saw big stock gains. Shares of SolarCity Corp. (Nasdaq: SCTY) jumped 34%, while electric-car and battery manufacturer Tesla Motors Inc. (Nasdaq: TSLA) gained more than 6%. Shares popped after Congress said that it plans to extend a tax credit for renewable energy for an additional five years as part of its new spending bill.
• Stocks to Watch No. 2: P: Shares of Pandora Media Inc. (NYSE: P) surged nearly 21% in post-market hours yesterday after the company learned that the increase in royalty rates paid to music studios for streaming rights was far less than expected. It's been a good two days for the firm. On Tuesday, Pandora signed a long-term deal with Warner/Chappell Music that will boost its music offerings. The house has the rights and publishes music to groups and individual stars like Madonna, Red Hot Chili Peppers, Eric Clapton, Green Day, and Katy Perry.
• Stocks to Watch No. 3, FDX: Shares of FedEx Corp. (NYSE: FDX) were up more than 6% this morning on news that the global shipping giant beat per-share earnings expectations by seven cents and slightly topped bottom-line revenue calls. The firm announced an EPS of $2.58, while Wall Street expected $2.51. The company also reported quarterly revenues of $12.5 billion, besting expectations of $12.4 billion.

Today's U.S. Economic Calendar (all times EST)

• Jobless Claims at 8:30 a.m.
• Philadelphia Fed Business Outlook Survey at 8:30 a.m.
• Current Account at 8:30 a.m.
• Bloomberg Consumer Comfort Index at 9:45 a.m.
• Leading Indicators at 10 a.m.
• EIA Natural Gas Report at 10:30 a.m.
• 3-Month Bill Announcement at 11 a.m.
• 6-Month Bill Announcement at 11 a.m.
• 2-Year FRN Note Announcement at 11 a.m.
• 5-Year TIPS Auction at 1 p.m.
• Fed Balance Sheet at 4:30 p.m.
• Money Supply at 4:30 p.m.

What Investors Must Know This Week

• The Best Market Crash Insurance You Can Buy
• Grab Triple-Digit Gains from This "Stealth" Tech Star
• The Real Reason for China's Insatiable Gold Lust

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