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In Dow Jones News today, stock prices climbed after former FBI Director James Comey testified in front of the Senate.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Closing||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Friday's economic calendar.
The Five Top Stock Market Stories for Thursday
- The circus came to Washington today as investors combed through the testimony of former FBI Director James Comey. The Dow hit a new all-time intraday record as investors shrugged off growing uncertainty after the overhyped congressional hearing.
- British voters headed to the polls today. Less than one year after voters decided to pull Britain out of the European Union, today's snap election will set a mandate on how the country will handle Brexit. A win by incumbent UK Prime Minister Theresa May over Labour leader Jeremy Corbyn would likely provide a pop to the markets on Friday morning.
- The European Central Bank will keep its loose monetary policy in effect until well past December 2017. The ECB remains committed to its $2.3 trillion bond-purchasing program and negative interest rates despite opposition from Germany's leaders. The announcement has investors turning their attention to the meeting of the Fed Open Market Committee set for next week. Here's what you need to know.
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- Crude oil prices were falling as concerns about oversupply continue to rattle the market. On Wednesday, the Energy Information Administration reported a surprise gain in U.S. inventory levels. The news came as markets continue to speculate on the possibility that OPEC nations may struggle to meet their production cuts in the wake of Qatar's recent political isolation. The WTI crude oil price today fell 0.2%. Brent crude dipped 0.4%.
- The world has largely moved on from President Trump's decision last week to exit the United States from the Paris Climate Accord. The U.S. is only one of three nations to remain out of the deal after Trump cited concerns about the voluntary terms issued by former President Barack Obama. While global leaders argue over the decision, it's time for you to profit. Money Morning Global Energy Strategist Dr. Kent Moors offers his favorite two ways to make money off the Paris accord. Read them here.
Four Stocks to Watch Thursday: BABA, YHOO, JWN, VRX
- Shares of Alibaba Group Holding Ltd. (NYSE: BABA) added more than 13.62% after company executives predicted a surge in revenue in 2018. The firm said that it will see its revenue increase by 45% to 49% thanks to expected gains in e-commerce and its cloud-based services. The announcement came during the company's second annual investor day. Company CEO Daniel Zhang also reminded investors that it will aim to increase gross merchandise volume (GMV) from $547 billion to $1 trillion by 2020.
- Yahoo! Inc. (Nasdaq: YHOO), which holds a 15.5% BABA stake, rallied over 10% on the day. But it wasn't just the BABA rally that pushed the stock higher. According to reports, the combined Yahoo and AOL companies are going to lay off roughly 2,000 employees as they prepare to be purchased by Verizon Communications Inc. (NYSE: VZ).
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- It was a huge day for shareholders of retail giant Nordstrom Inc. (NYSE: JWN). Shares popped more than 10% after the company's executives said they will explore a deal to take the company private.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) added more 9% after the company sold its iNova Pharmaceuticals business for $930 million. The company is still trying to reduce its massive debt burden. Despite today's pop, investors should avoid VRX stock. Bankruptcy remains a distinct possibility in this company's future.
- Look for earnings reports from Vail Resorts Inc. (NYSE: MTN) and Comtech Telecommunications Corp. (Nasdaq: CMTL).
Friday's U.S. Economic Calendar (all times EDT)
- Wholesale Trade at 10 a.m.
- Baker Hughes Rig Count at 1 p.m.