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The Dow Jones today is up as investors continue to cheer about the potential stimulus from Congress.
Airline stocks led the way thanks to increased optimism that Congress will extend a $25 billion lifeline. Around the globe, about 40 airlines have gone under this year, and D.C. leaders are hoping that such failures won't pick up here in the United States. More on the Dow today, below.
Before we dive into the latest stories and more, here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at what I'm following today. These are the most important market events and stocks.
The Top Stock Market Stories for Thursday
- On Thursday, speculation again centers around Washington's willingness to get a deal done on stimulus in the coming days. U.S. President Donald Trump renewed hope earlier this week that Congress would unveil a broad stimulus package to help struggling airlines and small businesses. The president has also supported the issuance of roughly $1,200 directly to Americans. The House of Representatives has said they are seeking a bill valued at $2.4 trillion, while Republicans would like to see something close to $1.6 trillion.
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- Johns Hopkins University reported that U.S. COVID-19 cases topped 7.5 million on Wednesday at a time that cases are surging across the Midwest.
- Last, President Trump announced that he will not take part in any virtual debate on Oct. 15. "I'm not going to waste my time," Trump said about a plan to switch to a remote town hall. The Commission on Presidential Debates said that the remote debate was required "in order to protect the health and safety of all involved." The original debate's location is planned in Miami. The announcement comes six days after President Trump announced that he and his wife, first lady Melania Trump, had tested positive for COVID-19.
Stock to Watch Today: MCD, CVX, XOM, EV
- Shares of McDonald's Corp. (NYSE: MCD) are up 1% on Thursday after a strong earnings report. The firm reported a 2.22% dip in global sales, but it announced plans to hike its dividend by 3% to $1.29 per share. McDonald's has recovered much faster than the broader restaurant industry in the wake of COVID-19. Shares are up more than 14% on the year.
- Chevron Corp. (NYSE: CVX) has dropped a bomb on its own workforce. The company has asked all employees to reapply as part of a cost-cutting initiative. That's not good news, and it's a sign that the company is very serious about slashing upwards of 15% of its workforce. Meanwhile, Chevron investors are cheering the news that the company's market value surpassed that of Exxon Mobil Corp. (NYSE: XOM) for the first time ever.
- In deal news, Eaton Vance Corp. (NYSE: EV) rallied 45% after the company announced it will be sold to Morgan Stanley (NYSE: MS) for roughly $7 billion. The news comes just a few days after Morgan Stanley completed its deal to purchase E*Trade Financial.
Three Stocks Even Better Than EV
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.