The markets were green again today, sending all the major indices to new record highs. The Dow 30 added another 98, the S&P 500 gained 17, and the Nasdaq 100 was higher by 58. Oil was a big focus today as it hit new highs, gaining another 2.2%. The Federal Reserve released their meeting minutes today which indicated that many members thought the recent tax reform would increase consumer spending and possibly GDP growth. This sent the consumer discretionary sector to new highs.
Intel (NASDAQ: INTC) was the worst performer in the Dow as well as the Nasdaq 100 today, grabbing media headlines as it lost 3.39%. It was reported that there was a design flaw in their microprocessors which forced the company to "significantly redesign of Linux and Windows kernels." This was said to affect the performance of all machines with those specific chips. Rival, Advanced Micro Devices (NYSE: AMD) shares soared 5.19% on the news.
Southwest Airlines (NYSE: LUV) is sharing the love in the form of a $1000 cash bonus to employees thanks to their savings from the new tax plan. This, one time award is just one of the many companies that have come out offering bonuses after tax reform was passed. The stock was lower on the day by 2.08% as maybe investors felt they deserved some of that money as well.
Exxon Mobil (NYSE: XOM) continued its breakout today, gaining another 1.96%. Technical traders will argue that the breakout of almost a year long base is the reason for the move while fundamental traders will note the strength in oil prices as the reason. In either case the bulls have chosen to buy aggressively, sending shares higher by almost 3% since breaking out.