Markets also cheered another round of positive earnings results and an important nomination by President Donald Trump to his administration.
Investors continue to push stocks higher on promises of Trump's tax reform, even though no details have been released.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,743.00; +118.95; +0.58%
S&P 500: 2,365.38; +14.22; +0.60%
Nasdaq: 5,865.95; +27.37; +0.47%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
The Dow climbed thanks to a positive earnings report from Wal-Mart Stores Inc. (NYSE: WMT) and another solid pop from Boeing Co. (NYSE: BA). Markets largely ignored a 5.3% drop in shares of HSBC Holdings Plc. (NYSE ADR: HSBC) after the London-based bank issued a dismal outlook.
Prediction: Natural Gas Prices in 2017 Will Soar Double Digits
Shares of WMT climbed 3% after the firm topped expectations in the previous quarter. The firm surprised investors with the announcement of higher comparable store sales. The firm also said it experienced a strong uptick in online sales, boosted by a new promotional program that reduces shipping costs. Wal-Mart is working diligently to capture market share in the e-commerce space from Amazon.com Inc. (Nasdaq: AMZN).
Today, markets were also speculating on the timing of the next interest rate hike by the U.S. Federal Reserve. Three members of the central bank gave speeches on the U.S. economy and monetary policy. The rate chatter will accelerate tomorrow when the Fed Open Market Committee releases minutes from its first meeting of 2017.
Crude oil prices pushed higher after OPEC leadership discussed the prospect of additional crude production cuts. OPEC Secretary General Mohammed Barkindo said data proved the global oil cartel had reached a 90% compliance target with its goal of reducing output by 1.8 million barrels per day (bpd). The secretary general expressed optimism that the global oil cartel could surpass its production cut goals.
Trending: The Essential Guide to Buying Gold & Silver
The WTI crude oil price today added 1.1%. Brent prices also climbed .87%.
Oil prices have surged 50% over the last year, and Money Morning Global Energy Strategist Dr. Kent Moors forecasts another 20% rise in oil prices in 2017. For that reason, we're showing you the best crude oil stocks to buy in 2017 so you can profit from soaring oil prices.
But the big news is the potential bubble investors may face on the horizon...
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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.