The markets closed out the month on a positive note as investors continue to shake off the December selloff. The Dow still closed slightly lower on the day, losing 5, but the S&P 500 gained 23 and the Nasdaq 100 closed higher by 98.
Sector News
Financials were a weak spot today as investors took profits across the banking and financial sector. Large investment banks and regional branches saw pullbacks today following an impressive multi-week rally off lows as yields headed higher again. The climb followed the Fed's comments yesterday about patience on rates going forward.
Communication services was a leading area of the markets today as Facebook's earnings and stock performance helped boost the sector. The sector is now higher by almost 20% from its Christmas Eve lows.
Stock News
Microsoft (MSFT ) shares were lower today despite beating earnings expected on Wall Street. The decline came as the company missed on revenue and saw slower growth in many areas of its business. Cloud computing was one bright spot which continues to see a successful growth trend.
Facebook (FB ) shares saw a double-digit gain today as the company reported earnings that easily beat expectations. The company also beat on revenue, which helped pull the attention away from data issues and return to the companies fundamentals. Shares closed above the 200-day moving average for the first time since August of last year.
Tesla (TSLA ) shares closed in the green today after opening lower when the company reported another profit for the quarter. Though earnings came in light, the company reported its first two-quarter profit streak. CEO Elon Musk also reported that cash on hand was approaching $4 billion, which was higher than expected, along with comments that he expects the company to be profitable every quarter.
