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In Dow Jones news today, the Dow climbed over 300 points.
Markets were on fire the day after President Donald Trump gave a speech before both chambers of Congress.
President Trump called for corporate tax reform, $1 trillion in infrastructure spending, and wants unity and optimism in making the U.S. economy the envy of the world.
The markets loved what they heard, which created a buying frenzy.
The moment that the Dow hit 21,000, Money Morning Capital Wave Strategist Shah Gilani and Chief Investment Strategist Keith Fitz-Gerald were on the set of FOX Business Network's "Varney & Co." Fitz-Gerald and Gilani both predicted the Dow would exceed 21,000 in the early part of 2017, so check out what happens next…
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 21,115.55; +303.31; +1.46%
S&P 500: 2,395.96; +32.32; +1.37%
Nasdaq: 5,904.03; +78.59; +1.35%
Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.
Dow Jones News: Dow Surges Past 21,000
President Trump's plans for a $1 trillion infrastructure package to fix roads, bridges, and airports sent shares tied to the construction industry on a tear. Shares of United States Steel Corp. (NYSE: X) rallied 2.48%. Shares of Dow Chemical Co. (NYSE: DOW) climbed 1.93%, and shares of industrial engineering manufacturer Handy & Harman Ltd. (Nasdaq: HNH) climbed over 13%.
Must Read: A List of Virtual Reality Stocks to Watch
Oil prices were sliding on news that U.S. crude inventories hit a record high. The Energy Information Administration announced Wednesday domestic crude stocks increased by 1.5 million barrels last week. Even though that figure fell short of analysts' expectations, the United States has now seen its inventories swell to more than 520 million barrels.
The news offset increasing optimism over OPEC's commitment to comply with its aggressive reduction program to cap excessive production. According to various reports, OPEC and Russia have reached a level of 90% compliance on their January production agreement. Some analysts are speculating that these countries could surpass their production cut targets in order to help bolster global production.
The WTI crude oil price today dipped 0.3%. Brent prices fell another 0.4%.
Of course, the big story is the Snap Inc. (NYSE: SNAP) IPO.
The parent company of social media app Snapchat will price its initial public offering after the bell on Wednesday. This is perhaps the most anticipated technology IPO since Alibaba Group Holdings Ltd. (NYSE: BABA) joined the New York Stock Exchange in 2014. The company is looking to sell 200 million shares on the NYSE at a price of $17.00 per share, according to CNBC. So, should you jump into this feeding frenzy when it kicks off tomorrow?
The short answer is "no."
This IPO is immensely rigged against retail investors. The social media company's user growth metrics are stagnating. And the company has already said that it may never run a profit.
Trending: Top 10 2017 IPOs to Watch
But there is a way that you can make money during the Snapchat IPO without buying the stock. In fact, this company will make more money off Snapchat in the years to come than the social media company itself.
Stock Market News and Top Stocks to Watch Today: Mar. 1, 2017
- Best Buy Co. Inc. (NYSE: BBY) reported earnings per share (EPS) increased by 27.5% this quarter over the same quarter a year ago, but revenue dropped 1%. That caused the stock price to drop 4.55%.
- In other earnings news, shares of Lowe's Companies Inc. (NYSE: LOW) surged nearly 10% after the company reported strong earnings and offered a positive sales forecast for the current quarter.
- After the bell, look for additional earnings reports from Broadcom Ltd.(Nasdaq: AVGO), Shake Shack Inc. (NYSE: SHAK), and Box Inc. (NYSE: BOX).
Thursday's U.S. Economic Calendar (all times EST)
- Jobless Claims at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Three-Year Note Announcement at 11 a.m.
- 10-Year Note Announcement at 11 a.m.
- 30-Year Bond Announcement at 11 a.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
- Federal Reserve Bank of Cleveland President Loretta Mester speaks at 7 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.