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The Dow Jones Industrial Average today rallied by triple digits and was within striking distance of the psychological barrier of 20,000.
Meanwhile, the S&P 500 and the Nasdaq hit all-time highs thanks to a spike in technology and materials stocks. Eight of the major 10 S&P sectors were in the green today as investors weighed another round of earnings reports and the deregulatory efforts of President Donald Trump.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,912.71; +112.86; +0.57%
S&P 500: 2,280.07; +14.87.; +0.66%
Nasdaq: 5,600.96; +48.01; +0.86%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
DJIA Today: Dow Pushes Toward 20,000
Shares of TransCanada Corp. (USA) (NYSE: TRP) added more than 3% after President Trump signed an executive order to advance the Keystone XL Pipeline and the Dakota Access pipelines. The two pipelines had been disputed and delayed by the Obama administration. Shares of Energy Transfer Partners LP (NYSE: ETP), the operator of the Dakota Access projects, climbed over 4%.
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Crude oil prices were still reacting to Friday's announcement by Baker Hughes Inc. (NYSE: BHI) that the number of U.S. production rigs jumped by their highest levels in four months. But the bigger oil price news this week was OPEC's first compliance meeting on Sunday (Jan. 22) since agreeing to a production cut on Nov. 30. But that's not the only reason oil prices are moving today. Here's more on that meeting and where the price of oil heads from here.
The WTI crude oil price today added 0.6%. Meanwhile, Brent crude gained 0.2%.
But the biggest story today is President Donald Trump's plans to slash regulations across the country.
In a meeting with auto executives this morning, Trump said that domestic environmental regulations are "out of control." Trump committed to reducing regulations in order to help reduce the cost of building manufacturing centers here in the United States.
Shares of General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F), and Fiat Chrysler Automobiles NV (NYSE: FCAU) all posted gains on the day. GM added 0.8%; Ford rose more than 2%, and shares of FCAU surged more than 5%.
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Stock Market News and Top Stocks to Watch Today: Jan. 24, 2017
- In deal news, shares of Aetna Inc. (NYSE: AET) stock fell over 1% after a judge blocked the Aetna-Humana merger. The merger would have been worth $34 billion and was blocked due to antitrust concerns. The judge ruled that the merger would interfere with a competitive market and rates would increase. Shares of Humana Inc. (NYSE: HUM) fell nearly 3% on the day.
- In earnings news, Alibaba Group Holding Ltd. (NYSE: BABA) shares gained 3% after the Chinese e-commerce giant beat Q3 revenue estimates and raised its 2017 guidance levels. Revenue surged 54% in the third quarter to $7.7 billion. The company cited big gains from its Singles' Day shopping event and bigger revenue gains from its digital media and cloud-computing ventures.
- Meanwhile, shares of Yahoo! Inc. (Nasdaq: YHOO) gained over 3% after the company reported quarterly earnings Monday after the bell. The company posted an earnings-per-share (EPS) figure of $0.18. That result topped consensus expectations of $0.14 per share. The stock also received a nice bump due to its 15% stake in Alibaba.
- Shares of DR Horton Inc. (NYSE: DHI) rallied more than 6% after the homebuilder topped Wall Street earnings expectations.
- After the bell, look for earnings reports from Texas Instruments Inc. (NYSE: TXN), Intuitive Surgical Inc. (Nasdaq: ISRG), Cree Inc. (Nasdaq: CREE), Capital One Financial Corp. (NYSE: COF), Steel Dynamics Inc. (Nasdaq: STLD), and CA Inc. (NYSE: CA).
Tuesday's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- FHFA House Price Index at 9 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Two-Year FRN Note Auction at 1 p.m.
- Five-Year Note Auction at 1 p.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.