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In Dow Jones news today, the markets rallied after news broke that President Donald Trump wanted to launch a probe into the importing of foreign-made steel.
Let's look at the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,578.71; +174.22; +0.85%
S&P 500: 2,355.84; +17.67; +0.76%
Nasdaq: 5,916.78; +53.74; +0.92
Today's market highlights:
- Treasury Secretary Steven Mnuchin teased that the Trump administration was close to bringing forward major tax reform.
- Oil prices continue to fall and almost touched below $50 per barrel.
- Tesla Inc. (Nasdaq: TSLA) issued a recall for some of its Model S and Model X vehicles.
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 Surges on Tax Reform Hopes, Improved Q1 Earnings Reports
- The Dow rallied today thanks to solid day of earnings reports and positive sentiment fueled by expectations of tax reform in 2017. Shares of American Express Co. (NYSE: AXP) rallied nearly 6%. Traders largely dismissed concerns about North Korea's recent saber rattling or news that a communist-backed candidate is surging in the polls for Sunday's presidential election in France.
- In economic data, the number of Americans seeking jobless benefits increased more than expected last week. The total number unemployment claims has been under 300,000 for 111 consecutive weeks.
- Exxon Mobil Corp. (NYSE: XOM) is causing a public relations problem for the White House. The company has reportedly requested a waiver from the U.S. Treasury Department to work around Russian sanctions to continue a project with a state-owned energy company on projects in the Black Sea and the Arctic Sea. Current Secretary of State Rex Tillerson is the former CEO of the international oil producer.
- Socialism reared its ugly head and dragged General Motors Co. (NYSE: GM) with it. The automaker announced last night that its plant in Venezuela had been illegally seized by the nation's authorities. After seven decades, the company has been forced to shut down operations.
- Crude oil prices slipped on expectations that shale production and U.S. inventory levels are likely going to tick higher. Concerns about a global glut have persisted as the cost of shale production continues to decline and provides a competitive edge in the market.
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- The WTI crude oil price today fell 0.3%, while Brent crude dipped 0.1%.
- But the story you need to know is the brutal truth about the Social Security Trust Fund. One out of every six Americans relied on this fund last year. But the $2.85 trillion fund – which provides retirement dollars, life insurance, and disability insurance – is in big trouble. You see, by the year 2033, the fund will have no money in it whatsoever. If you or someone you know is planning to retire on Social Security alone, you need to watch our latest report. It's time to learn the cold hard truth about Social Security.
Stock Market News and Top Stocks to Watch Today: April 20, 2017
- In earnings news, shares of Philip Morris International Inc. (NYSE: PM) missed Wall Street profit and revenue expectations. Analysts had big expectations for the tobacco marker's global shipments and sales in the vaping market. Shares fell 3.4%.
- Shares of Verizon Communications Inc. (NYSE: VZ) fell short of quarterly Wall Street earnings expectations after the firm announced it lost monthly subscribers. The news came despite what many expected to be a successful relaunch of its unlimited data plans. The firm reported earnings per share (EPS) of $0.95 on top of $29.01 billion in revenue. Wall Street analysts called for earnings of $0.99 per share on top of $30.77 billion in revenue.
- Shares of railroad operator CSX Corp. (NYSE: CSX) rallied on news that the company has unveiled a $1 billion buyback program and plans to hike its dividend. The company also said in its earnings report that it topped adjusted EPS expectations and that its profits could surge 25% this year. Shares added 5.6%.
- After the bell, look for additional earnings reports from Visa Inc. (NYSE: V), Skechers USA Inc. (NYSE: SKX), Mattel Inc. (NYSE: MAT), Manhattan Associates (Nasdaq: MANH), and DR Horton Inc. (NYSE: DHI).
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Friday's U.S. Economic Calendar (all times EDT)
- Minneapolis Federal Reserve Bank President Neel Kashkari speaks at 9:30 a.m.
- PMI Composite Flash at 9:45 a.m.
- Existing Home Sales at 10 a.m.
- Baker Hughes Rig Count at 1 p.m.