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In Dow Jones news, the Dow fell 21 points Wednesday as investors pored over a new tax plan by President Donald Trump.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,975.09; -21.03; -0.10%
S&P 500: 2,387.45; -1.16; -0.05%
Nasdaq: 6,025.23; -0.27; 0.00%
Today's market highlights:
- President Trump called for the corporate tax rate to fall from 35% to 15% for all U.S. businesses.
- Congress may soon vote on a new healthcare law to replace the Affordable Care Act.
- The CBOE Volatility Index – largely considered the markets' fear gauge – fell another 0.2% on the day.
Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.
DJIA Today: Dow Falls Despite Optimism Over Trump Tax Reform
- The Dow dropped 21 points after the Trump administration unveiled what it considers to be the largest tax cuts in the nation's history. The president is advocating for a steep drop in the corporate tax rate, from 35% to 15%. He also wants a break for companies that have a steep pile of cash sitting overseas. The top 50 U.S. companies, a list that includes firms like Apple Inc. (Nasdaq: AAPL), have a combined $1.4 trillion sitting offshore.
- In other Washington news, Congress may soon vote on a new bill to replace the Affordable Care Act. Today, the House Freedom Caucus said that its members would support a new replacement bill.
- Crude oil prices were down after the Energy Information Administration announced a large draw in U.S. oil inventory levels. The WTI crude oil price today dropped 0.54%, while Brent crude dipped 1.04%. Brent prices remained low due to increasing concerns that OPEC members and non-members, like Russia, may not extend a deal to reduce excessive production. Russia announced Tuesday that its production levels would hit a 30-year high if the global oil cartel fails to extend the agreement.
Stock Market News and Top Stocks to Watch Today: April 26, 2017
- Shares of Twitter Inc. (NYSE: TWTR) rallied nearly 8% Wednesday after the company reported a huge surge in user growth and an uptick in quarterly profits. The firm reported a yearly growth of 6% in its total monthly users. Over the previous quarter, the microblogging giant added 9 million new monthly users. Despite the uptick, the firm still reported a net loss.
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- In other earnings news, shares of Boeing Inc. (NYSE: BA) fell 0.9% after the company reported a decline in quarterly revenue. Despite today's small decline, BA is presenting investors with a buying opportunity. Money Morning Executive Editor Bill Patalon has called Boeing the "ultimate Rocky Balboa stock." In a short video, he explains why you should buy BA stock and keep buying it whenever it dips. Watch it, right here.
- Alphabet Inc. (Nasdaq: GOOGL) could be looking at a potential split in the near future, thanks to overzealous government regulators and Uncle Sam's incessant desire to meddle with the private sector. Here's why the government is considering a deal to break up the company and what it means for shareholders.
- Other top stocks to watch Wednesday included Chipotle Mexican Grill Inc. (NYSE: CMG) and Northrop Grumman Corp. (NYSE: NOC). Here's more on why these stocks were generating headlines.
Thursday's U.S. Economic Calendar (all times EDT)
- Durable Goods Orders at 8:30 a.m.
- International Trade in Goods at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Retail Inventories at 8:30 a.m.
- Wholesale Inventories at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Seven-Year Note Auction at 1 p.m.
- Farm Prices at 3 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
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