The markets started the week off with a bang as investors continue to respond favorably to the new Trump era of politics. The Dow 30 was up 142, the S&P 500 gained 12, and the Nasdaq 100 added 29. The focus will likely stay on Trump this week but tomorrow investors will get to hear from Fed Chairwoman Janet Yellen, as she starts her two day testimony on capital hill.
Verizon (NYSE: VZ) was at the top of the financial headlines today as the company announced that it is bringing back its unlimited data plan for $80 for a single line and $45 per line for a family of four. The company tried this back in 2011 and this is the first time they have revisited such a plan since then. They were sort of forced into doing this as Sprint (NYSE: S) and T-Mobile (NASDAQ: TMUS) announced unlimited plans last summer which are still slightly cheaper. The unlimited efforts by the competitors had seen an impressive swell of new customers switch so Verizon is hoping to take advantage of the same pickup in customers. Shares were slightly lower on the day (-0.88%) but did close well off their lows.
Restaurant Brands (NYSE: QSR) shares enjoyed a nice 4.67% gain to new highs as the company reported a beat on earnings. The company which owns brands like Burger King and Tim Hortons announced net profit that more than doubled from a year ago thanks to "better-than-expected same-store sales at Burger King, and lower costs."
Macy's (NYSE: M) also had a solid day today (+1.84%) as traders responded to a report from Barron's that said the stock could jump by 50% in a potential sale. The department store chain has been trying to boost sales by closing stores and reinvesting in its online business.