Dow Jones News: Markets Push Higher as Weekly Jobless Claims Record Biggest Drop in Nearly Two Years

In Dow Jones news, the Dow gained more than 14 points as investors prepared for a meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Let's look at the numbers from Thursday for the Dow, S&P 500, and Nasdaq:

Dow Jones: 20,662.95; +14.80; +0.07%

S&P 500: 2,357.49; +4.59; +0.19%

Nasdaq: 5,878.95; +14.47; +0.25%

Today's market highlights:

• Markets rebounded from Wednesday's Fed-driven decline, while oil prices shrugged off the U.S. inventory report. Energy stocks pushed the markets higher thanks to an uptick in crude oil prices.
• U.S. weekly jobless claims showed their sharpest decline in nearly two years.
• Amazon.com Inc. (Nasdaq: AMZN) was one of the day's biggest surprises. Shares fell by more than 1%, their first decline in nine days.

Now, here's a look at today's most important market events and stocks, plus a preview of Friday's economic calendar.

DJIA Today: Dow Rebounds on Jobless Claims and Positive Economic News

• The Dow Jones had a solid day of gains as the markets prepare for a meeting between President Donald Trump and Chinese President Xi Jinping. The world leaders are expected to engage in a tense conversation about a number of topics, including North Korea's nuclear program, bilateral trade, and the South China Sea. A deal with Chinacould result in a dangerous compromise... which we explain, right here.

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• Despite the uptick in the Dow, overall sentiment remains somewhat cautious on Wall Street. Investors are still trying to make sense of Wednesday's session in which the Dow saw its sharpest one-day reversal in more than a year. Markets slumped after the Federal Reserve's minutes from March indicated that the central bank is adamant about winding down its $4.5 trillion balance sheet.
• In addition to reservations over the Fed's balance sheet, markets are also eyeing Washington. Yesterday, Speaker of the House Rep. Paul Ryan announced economic reforms that would help spur growth could take longer than expected.
• In economic news, U.S. weekly jobless claims have now remained below 300,000 for 109 consecutive weeks. According the U.S. Labor Department, the number of Americans seeking benefits fell to 234,000 for the week, well below analyst expectations.
• Oil prices shrugged off yesterday's report by the Energy Information Administration on rising U.S. inventory levels. The WTI crude oil price today added 1.06%, while Brent crude gained 0.88%.
• Investors looking to make money on rising oil prices in 2017 should consider an opportunity that we just uncovered. Today, we're looking north to the Canadian oil sandsas a treasure trove. Here's a little background on the oil sands and the best Canadian oil sands stock to buy now.
• But the big story is happening in the White House. President Trump's economic advisor Gary Cohn told a group of U.S. senators that he supported a policy change that will radically reshape Wall Street. In fact, such a policy change could be a massive headache for his former firm, Goldman Sachs Group Inc. (NYSE: GS).

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• Cohn supports a re-imposition of the Glass-Steagall Act. Money Morning Capital Wave Strategist Shah Gilani explains the impact of this potential change and how President Trump can deregulate the economy without causing a market crash. Learn more, right here.

Stock Market News and Top Stocks to Watch Today: April 6, 2017

• In deal news, Sunoco LP (NYSE: SUN) announced plans to sell 1,110 convenience stores to the Japanese conglomerate that owns 7-Eleven stores. The deal is designed to help Sunoco move away from retail and focus instead on its fuel supply operations. Shares of SUN stock gained more than 20% on the news.
• Shares of Advanced Micro Devices Inc. (Nasdaq: AMD) plunged more than 6% after the semiconductor giant received a downgrade from investment bank Goldman Sachs Group Inc. (NYSE: GS). In a research note, Goldman said that the recent rally in AMD stock is not sustainable and raised new concerns about competition from Intel Corp. (Nasdaq: INTC) and Nvidia Corp. (Nasdaq: NVDA).

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• In earnings news, shares of Constellation Brands Inc. (NYSE: STZ) pushed higher after the manufacturer of Corona topped Wall Street quarterly expectations. The firm reported earnings per share (EPS) of $1.48 on top of $1.628 billion in revenue. Wall Street expected EPS of $1.37 on top of $1.587 billion in revenue. Click here for more coverage of today's earnings results and stocks to watch.
• After the bell, look for additional earnings reports from WD-40 Co. (Nasdaq: WDFC) and PriceSmart Inc. (Nasdaq: PSMT).

Friday's U.S. Economic Calendar (all times EDT)

• Employment Situation at 8:30 a.m.
• Wholesale Trade at 10 a.m.
• New York Federal Reserve President William Dudley speaks at 12:15 p.m.
• Baker Hughes Rig Count at 1 p.m.
• Consumer Credit at 3 p.m.

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