The markets were higher today on tax reform optimism. The Dow 30 hit new record highs again adding 119 thanks to strong financials and Boeing. The S&P 500 was also positive on the day, adding 4 but not quite getting to new record highs due to weaker oil prices. The Nasdaq 100 was lower by 12 thanks to some weakness in the tech space.
Tomorrow the focus will be on Janet Yellen and the Federal Reserve. This will be the Fed chair's last statement which will set the tone going forward into the new leadership. The Fed is expected to raise rates a quarter percent and guide into next year as to the possibility of more rate hikes.
Boeing (BA ) shares were the big winner in the Dow today as shares added 2.41%. The stock popped after the company decided to put more money in your pockets for investing in them. Boeing announced it would raise its quarterly dividend by 20%, to $1.71 a share, and also confirmed a $18 billion buyback, which was an increase from the $14 billion program they started a year ago. Boeing closed at new highs today and is higher by a whopping 86% this year.
Urban Outfitters (URBN ) shares finished the day higher by 0.34% after announcing that the fourth quarter is off to a strong start. Same store-sales are reportedly ahead of expectations which caused investors to jump in. Though shares were higher on the day, they did close well off their highs of the session. Still, the the stock is higher by 30% in just the last few weeks.
The Michaels Companies (MIK ) shares traded lower by 2.66% today after Deutsche Bank downgraded the stock to Hold. Analysts said they were concerned about "valuation, an uneven sales trend and weak same-store sales." Shares have traded in a large range between $24 and $17 all year long.