U.S. stocks finished with record gains today, joining an advance for most global equity markets ahead of tomorrow’s highly anticipated monetary policy decision from the European Central Bank. Some limited domestic economic reports showed mostly in line job openings data, a smaller-than-expected increase in consumer credit and a modest decline in weekly mortgage applications.
The DOW jetted up 297 points to close today at 19,549. The S&P 500 added 29 points to 2,241 and the NASDAQ bolted 60 points higher to 5,393 at the closing bell. Most sectors were in the green with the exception of Healthcare and Biotech, hurt by Trump’s tweet of lower prices being forced upon the drug companies. Tech giants with 2% gains today included GOOG, IBM, MSFT, CSCO, INTC, and HPQ. WDC gained 8.3% today following their agreement with Samsung. Industrial stocks over 2% today were CAT, HD, V, and Master Card after announcing a higher dividend.
The VIX added 11.84 today. Crude oil slipped under $50, gold and the Euro were flat.
AP Top Extended Financial Headlines at 5:23 p.m. EST
Senators scrutinizing the proposed merger of AT&T and Time Warner homed in on brass tacks with the companies’ CEOs. U.S. employers posted fewer jobs in October than the previous month, but job openings are still at a mostly healthy level that points to steady hiring ahead.
Consumers increased their borrowing in October at the slowest pace in four months as growth in credit card debt and the category that covers auto loans and student loans slowed. Britain’s Competition and Markets Authority have fined U.S. drugmaker Pfizer and its distributor Flynn Pharma $112.7 million for increasing the cost of an epilepsy drug by 2,600 percent overnight.
Chinese e-commerce giant Alibaba Group and the country’s biggest phone carrier, China Mobile, have announced a partnership aimed at developing internet-related servicesThe Dow and S&P 500 surge to record highs as investors load up on stocks that pay big dividends, like real estate companies, as well companies that tend to do better when the economy is strong, like industrial and technology stocks.
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