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.
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.
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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.
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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...
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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.