The markets pushed higher today as the banking sector helped support the rally. The Dow 30 was higher by 343, the S&P 500 gained 23, and the Nasdaq 100 popped another 51. The Dow broke back above 25,000 for the first time since May 22nd thanks to a strong move in Boeing (BA ) as well as the big banking stocks like JP Morgan (JPM ) and Goldman Sachs (GS ) each with gains over 1.5% on the day.
The S&P 500 was supported by the financials today (XLF ) which was the best performing sector. The move seemed to be in response to interest rates which popped higher on the day. The 10 year treasury note moved above 2.97% again as the European Central Bank is said to have discussions to end their stimulus program. The ECB chief economist said that they would "discuss next week how to temper their 30 billion euro monthly repurchasing program."
Oil continues it's slide under recent, technical support with losses of 1% on the day. The short term weakness in oil continues to weigh on the energy sector as a whole as well as the operation companies (XOP ) within it. Tomorrow's inventory reports may help solidify the short term direction of the commodity.
Tesla (TSLA ) shares were higher by nearly 10% today posting their best day in over two years as the CEO, Elon Musk continues to support the share price. Musk commented at a shareholder meeting that they are nearing it's Model 3 weekly production goal of 5000 vehicles, along with a comment that they will produce more batteries than all other companies combined, including China. The most bullish news came when he said they will not need the capital markets for more financing. Other automakers like Ford (F ) and General Motors (GM ) were also higher on the day.
Twitter (TWTR ) initially started t's pullback today thanks to an announcement to issue up to $1.15 billion of convertible debt. Shares have been pushing higher since news of being added to the S&P 500 tomorrow but many traders are skeptical that this price movement can continue.
Alphabet (GOOGL ) shares sold off about a half a percent today as report came out that Brussels will be issuing a fine of as much as $11 billion for abusing regulations in the Android mobile operating system. Last year Google alerted investors of the possibility of this fine and have already paid $2.7 billion.
In other news Mexico (EWW ) announced tariffs on US pork, steel, and cheese. Canada commented that they would place "dollar for dollar" tariffs on the US as their retaliation.