The S&P 500 hit new all-time highs today, putting it one day closer to making this the longest-running bull market in history. The S&P 500 added 5 points on the day, the Dow 30 also had a good day with a gain of 63, and the Nasdaq 100 closed higher by 38.
Trump's comments that he thinks the Federal Reserve should help him in his efforts to grow the economy sent the dollar lower once again today. The good news is this helped ease pressure on oil prices as well as the emerging markets.
Oil was able to pop to a one-week high today as the US sanctions against Iran may be an attempt to support prices. Though it was only a small gain on the day, oil bulls will take what they can get considering the multi-month decline.
Toll Brothers (TOL ) made headlines today after announcing earnings that beat Wall Street's expectations. The most notable news from the report was their 2019 average home price forecast, which was increased by $5,000 to $860,000. Technical traders noted the break of the downtrend today as the stock had its best, one-day gain in over a year.
Morgan Stanley (MS ) seems to have cut their analyst coverage on Tesla (TSLA ), which could be a hint that they are now working with the company directly. Last week Goldman Sachs (GS ) cut their coverage; it was revealed later that they were working with the bank. Morgan Stanley's website shows Tesla as "Not Rated" versus "Equal-Weight" earlier in the day. Shares of Tesla gained over 3% on this news.
Coty (COTY ) shares were lower today, nearly hitting new lows despite beating on earnings. The company shared that revenue was lower than expected due to supply chain disruptions. This included the Brazilian trucker strike as well as their consolidation of warehouses.
