Trump: We’ve set 141 stock market records
President Trump touts the numerous stock market records that have been reached since he took office.
Stocks opened in record territory Thursday as traders readied for the approval of the second historic trade deal in as many days.
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All three of the major averages were trading at all-time highs ahead of the Senate’s vote on the United States-Mexico-Canada Agreement, which, once ratified by all three countries will replace the North American Free Trade Agreement.
The S&P 500 and Dow Jones Industrial Average closed at record highs on Wednesday after the signing of the phase one trade deal between the U.S. and China. For the Dow, it was the first close above 29,000.
|I:DJI||DOW JONES AVERAGES||29185.75||+155.53||+0.54%|
Earnings from the big banks wrapped up with Morgan Stanley reporting top and bottom-line results that were ahead of Wall Street estimates as revenue from its investment management division nearly doubled from the year prior.
Tesla was under pressure after a report from Dominion Cross Sell said registrations in the state of California fell 46.5 percent year-over-year in the fourth quarter as the tax cut for its vehicles ended. Additionally, Morgan Stanley downgraded shares to “underweight,” citing an unfavorable risk/reward and long-term risks to Tesla's business in China.
Southwest Airlines removed the Boeing 737 Max aircraft from its schedule through June 6. The airline is the world’s largest operator of the aircraft.
|LUV||SOUTHWEST AIRLINES CO.||55.45||+0.42||+0.77%|
XPO Logistics surged after saying Wednesday evening that it was exploring strategic alternatives and could spin off one or more of its business units.
American Outdoors Brand, the parent company of gun maker Smith & Wesson, announced CEO James Debney will be replaced after conducting “nonfinancial” behavior that broke company rules.
|XPO||XPO LOGISTICS INC||93.81||+10.98||+13.26%|
|AOBC||AMERICAN OUTDOOR BRANDS||9.57||-0.01||-0.10%|
Looking at commodities, gold was up 0.1 percent at $1,556 an ounce and West Texas Intermediate crude oil was little changed at $57.85 a barrel.
U.S. Treasurys were flat with the yield on the 10-year note holding at 1.79 percent.
Economic data out Thursday morning was better than expected as retail sales ex-autos, the Philadelphia Fed and initial claims all beat expectations.
Markets were weaker across Europe with Britain’s FTSE down 0.5 percent while both Germany’s DAX and France’s CAC were lower by 0.2 percent.
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In Asia, China’s Shanghai Composite fell 0.5 percent after the signing of the phase one trade deal while Hong Kong’s Hang Seng and Japan’s Nikkei gained 0.4 percent and 0.1 percent, respectively.
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