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The Dow Jones Industrial Average today was pushing higher thanks to a strong uptick in global stocks and confidence ahead of another busy day of earnings reports and economic data.
On Wednesday, the Dow rallied above 20,000 thanks to a strong uptick in financial and healthcare stocks. The Dow's recent ascent to 20,000 was the second-fastest 1,000-point move in market history at 42 days. That is the fastest since the 59-session span between March and July 2007. It is second only to the 1,000-point gain registered in 24 days back in 1999.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,068.51; 155.80; +0.78%
S&P 500: 2,298.37; 18.30; +0.80%
Nasdaq: 5,656.34; 55.38; +0.99%
Here's a look at today's most important market events and stocks, plus a look at Thursday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 46-point gain as global markets continue to push higher in the wake of the index's surge past 20,000. It has been a remarkable run for the markets in recent weeks. The rally has been fueled by three key U.S. blue-chip stocks. Goldman Sachs Group Inc. (NYSE: GS) has accounted for 379 points of the Dow's surge since the election. Boeing Co. (NYSE: BA), which crushed Wall Street earnings expectations Wednesday, has added 172 points to the Dow during that span. Finally, International Business Machines Corp. (NYSE: IBM) has added 158 points.
The three stocks have accounted for roughly 40% of the Dow's gains.
Thursday will feature a busy round of earnings reports and economic data. Keep an eye on weekly jobless claims and the monthly report on new home sales. Should the latter report surpass economists' expectations, look for shares of KB Home (NYSE: KBH) and Toll Brothers Inc. (NYSE: TOL) to show gains.
On the international front, investors are eyeing statements by British Prime Minister Theresa May about global trade and her country's pending exit from the European Union. May will meet with President Trump to discuss bilateral trade and address senior Republicans on a range of global issues. May has pledged to rekindle the special relationship between the UK and the United States with the goal to "lead, together, again."
In silver investment news, the price of silver has been sliding since the election. The price is down again Wednesday morning as investors continue to shift capital back toward equities. However, there are a few factors setting up silver to be one of the top investments of 2017. Money Morning Resource Specialist Peter Krauth has predicted a 30% surge in the silver price this year. Here's what you need to know and how to position your investments.
Crude oil prices were ticking higher thanks to a weakening U.S. dollar. The downturn in the greenback offset concerns about rising supplies in the United States. On Wednesday, the Energy Information Administration announced a much larger uptick in domestic crude inventories.
The WTI crude oil price today added 0.8%. Brent crude dipped 0.8%.
But the big story is President Donald Trump.
The president has taken swift action on a number of social and economic issues in the last three days. In addition to paying the way for the construction of a massive border wall and the installation of several major pipeline projects, the president has been speculating on his next major announcement: his nominee for the vacancy on the Supreme Court.
On Jan. 24 at the White House, President Trump announced he had "a number of outstanding candidates" for the open Justice of the Supreme Court position.
According to CNN, these are Trump's top picks for Supreme Court...
Stocks to Watch Today, Jan. 26, 2017:
- In deal news, Johnson & Johnson (NYSE: JNJ) announced it planned to purchase Swiss pharmaceutical giant Actelion Ltd. (OTCMKTS: ALIOF) for $30 billion.
- In earnings news, shares of Western Digital Corp. (NYSE: WDC) hit a 52-week high Wednesday before retreating after the bell. The semiconductor giant easily topped profit and revenue expectations in the second quarter. The uptick in growth came thanks to stabilization of the global PC market and a surge in cloud-services sales.
- Meanwhile, shares of AT&T Inc. (NYSE: T) were ticking slightly higher in pre-market hours after the telecom giant matched Wall Street profit expectations and fell just short of consensus revenue forecasts.
- Keep an eye out for additional earnings reports from Microsoft Corp. (Nasdaq: MSFT), Intel Corp. (Nasdaq: INTC), Alphabet Inc. (Nasdaq: GOOGL), Ford Motor Co. (NYSE: F), Starbucks Corp. (Nasdaq: SBUX), VMware Inc. (NYSE: VMW), Caterpillar Inc. (NYSE: CAT), Paypal Inc. (Nasdaq: PYPL), Celgene Corp. (Nasdaq: CELG), Comcast Corp. (Nasdaq: CMCSA), Royal Caribbean Cruises Ltd. (NYSE: RCL), Southwest Airlines Co. (NYSE: LUV), JetBlue Airways Corp. (Nasdaq: JBLU), and Northrup Grumman Corp. (NYSE: NOC).
Today's U.S. Economic Calendar (all times EST)
- International Trade in Goods at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Chicago Fed National Activity Index at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- PMI Services Flash at 9:45 a.m.
- New Home Sales at 10 a.m.
- Leading Indicators at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- 52-Week Bill Announcement at 11 a.m.
- Seven-Year Note Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.