The markets finished the day at record highs today as optimism remains high. Tax reform comments from Treasury Secretary Steve Mnuchin sent the financials higher along with rising interest rate yields. The Dow 30 closed at a new record high of 22,118.86 along with the S&P 500 which added another 0.30%. The Nasdaq 100 also set a new record high, closing up 0.30% to 6454.28. Tomorrow traders will get a look at crude oil numbers along with the producers pricing index, which can both be market movers.
Macy's (NYSE: M) enjoyed a nice 3.45% gain today as most retail stocks fared well. The sector as a whole (XRT ) was higher by 1.51% thanks to news on jobs and consumer sentiment overall. This is a much needed gain for Macy's which has struggled this year, down over 35%.
Alcoa Corporation (AA ) finds itself almost near new highs yet again. Today Alcoa added 3.21% which nearly put it back at highs. This two day move has now completely erased the blemish from last Friday as shares saw their biggest selloff in over three months. Shares are now higher on the year by almost 60%.
McDonalds Corporation (MCD ) suffered their worst daily drop on over a year as shares slid 3.22%. A bearish note from an analyst firm was cited as the reason for the selloff. Investors have had a nice run this year so far as shares are still up over 30%. Volume was heavy today and shares closed near their lows of the session which will lead many technical traders to believe that there is still more downside from here.