In Dow Jones news today, the markets reversed course and pushed higher and climbed closer to 21,000.
Banking stocks led the way thanks to a round of improved economic data. Shares of Goldman Sachs Group Inc. (NYSE: GS), Bank of America Corp. (NYSE: BAC), and JPMorgan Chase & Co. (NYSE: JPM) all gained more than 1.5% and helped offset losses in the healthcare sector.
Shares of Johnson & Johnson (NYSE: JNJ) led the sector lower.
Volatility was sliding. The CBOE Volatility Index (VIX) – widely consider the markets' fear gauge – dipped more than 8% on the day.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,701.50; +150.52; +0.73%
S&P 500: 2,358.57; +16.98; +0.73%
Nasdaq: 5,875.31; +34.77; +0.60%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
Dow Jones News: Dow Climbs as Markets Push for Dow 21,000
U.S. Consumer Confidence hit a reading of 125.6 this month, far higher than the 114 reading that economists had expected in March. Meanwhile, President Donald Trump touted a plan by Ford Motor Co. (NYSE: F) to invest $1.2 billion into three Michigan plants and create a number of new jobs.
The day was marked by increased optimism over President Trump's proposed economic proposals, like corporate tax reform, infrastructure spending, and deregulation.
U.S. Federal Reserve Chair Janet Yellen also spoke today about the role of the central bank on the economy. Yellen said that banks play a vital role in the development of underprivileged communities and touted education and new skills as the best way to improve job prospects.
Crude oil prices were rising on word of a supply disruption in Libya. A weakening U.S. dollar and chatter about a deal to extend OPEC's goals of reducing excessive production are also fueling higher prices. However, the upside from the three factors has been limited by rising U.S. production levels and increased domestic inventories.
The WTI crude oil price today added 1.3%. Brent crude gained 1.1%.
But the big story today was happening with Tesla Inc. (Nasdaq: TSLA) founder Elon Musk.
The billionaire entrepreneur has announced plans to start a new company, and this one sounds right out of a science fiction novel. Musk's newest company, Neuralink, aims to connect the human brain with artificial intelligence. Musk claims that by imbedding chips into the brain, human beings will be able to keep up with advancements in artificial intelligence in ways to improve memory and increase interaction with computers and other devices…
But that wasn't the only announcement to pay attention to today…
Stock Market News and Top Stocks to Watch Today: March 28, 2017
- Shares of Apple Inc. (Nasdaq: AAPL) offered the biggest boost to the S&P 500 and Nasdaq. Shares of AAPL stock climbed another 2% thanks to a huge shot of confidence from UBS analyst Steven Milunovich. The Wall Street analyst set a price target for AAPL at $151.00 per share and said a $200.00 target would be possible in the next three years.
- Cloud service company Okata priced its IPO at a range of $13 to $15 for a valuation of about $2 billion. This will be the second large tech IPO of the year following Snap Inc. (NYSE: SNAP).
- Shares of General Motors Co. (NYSE: GM) climbed more than 2% after activist hedge fund manager David Einhorn urged the vehicle manufacturer to divide its stock into two classes.
- After the bell, look for earnings reports from Sonic Corp. (Nasdaq: SONC), Dave & Buster's Entertainment Inc. (Nasdaq: PLAY), and Ollie's Bargain Outlet Inc. (Nasdaq: OLLI).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Chicago Federal Reserve Bank President Charles Evans speaks at 9:20 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 11:30 a.m.
- Two-Year FRN Note Auction at 11:30 a.m.
- Seven-Year Note Auction at 1 p.m.
- San Francisco Federal Reserve Bank President John Williams speaks at 1:15 a.m.
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.