The markets moved higher today ahead of the much-anticipated Federal Reserve rate announcement tomorrow. In addition, it was reported that the White House is working to put a last-minute deal together to avoid a partial government shutdown.
The Dow 30 was higher by 82, the S&P 500 gained 1, and the Nasdaq 100 closed in the green by 30.
Sector News
Oil plunged to new lows today, losing 5% as output here in the States rose to 8 million barrels a day for the first time in history. Investors also noticed Russia's report of higher output (11.5 million barrels per day), which hit a record as well.
The housing sector enjoyed a small gain on the day as one of the better-performing areas of the market after housing starts came in better than expected. Though the number came in 13% lower year over year, it was still higher than forecasted, as analysts continue to predict weakness in the sector ahead.
Stock News
Darden Restaurants (NYSE: DRI) saw a sharp gain today as the company reported earnings that came in better than expected. Revenue was slightly lower than expected, but store sales saw an increase. The company also raised their earnings expectations for 2019, which was enough for investors to forgive the revenue miss. Technical traders noted the strong, 180-reversal day right at the 200-day moving average.
Shares of Boeing (NYSE: BA) were higher today as the company announced they would increase their stock buyback program by $2 billion. This brings their total buyback program to $20 billion. They also announced a 20% increase to their dividend.
Johnson & Johnson (NYSE:JNJ) shares enjoyed a slight recovery today as the company announced a $5 billion stock buyback program. They also confirmed their current expectations for the rest of 2018. Shares have been lower lately on a report that the company knew but did nothing to rectify the presence of cancer-causing asbestos in its talc products.