Stocks pushed higher on the day with all of the S&P 500 sectors in the positive. The Dow added 55, the S&P 500 added 2 and the Nasdaq 100 closed higher by 6.
The banking sector (NYSE: XLF) started the day higher following the second round of stress tests by the federal reserve which allowed most to raise their dividends and initiate new share buyback programs. The big names like Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) all enjoyed nice gains on the day but did close off their highs
Tech stocks (NYSE: SMH) were higher on the day as well, participating in the days rally. While many are calling this a short term bounce in the midst of a new downtrend, investors seemed happy to pick a bottom despite next weeks tariffs against China becoming official. Most fully expect China to retaliate with their own tariffs.
Emerging markets (NYSE: EEM) finally saw some consistent buying, gaining 1.5% after a long decline. Since the highs of January emerging markets have sold off consistently until two weeks ago. The pace then picked up which allowed investors to take their chance at a discounted trade.
Stock News:
Nike (NYSE: NKE) was your best performing stock in the Dow today as the company reported earnings and revenue that beat Wall Street's expectations. The announcement pushed shares higher by 11%, hitting new 52 week highs in the process. The stock is now higher by nearly 30% on the year.
KB Homes (NYSE: KB) shares were higher by 7% today as they were yet another home builder to report earnings that beat expectations. The company reported new orders that were higher by 3% and selling prices higher by 4% which mirrors the results of Lennar (NYSE: LEN) which reported earlier this week. Home builders (NYSE: XHB) were higher by 1.4% on the day.
Blue Apron (NASDAQ: APRN) was higher on the day despite news that their biggest competitor, HelloFresh is looking to start offering meals that are ready made. Comments from their co-founder indicated this move. Shares of Blue Apron have been holding steady of late, following a severe selloff when going public.