Republicans in Congress better get tax reform done because the market is clearly fueled by the prospect.
The Dow Jones Industrial Average gave back some of its gains on Monday, Dec. 4 after climbing nearly 200 points by the afternoon. The Dow still closed up 58 points, or 0.24%, to close at 24,290, a new record, following the weekend passage of tax reform in the Senate. At one point Monday, the Dow had risen more than 300 points.
The S&P 500 and Nasdaq both declined by 0.11% and 1.05%, respectively, as investors rotated out of growth stocks. Facebook Inc. (FB) - Get Facebook, Inc. Class A Report shares were caught up in the tech selloff Monday, falling 2% on Monday.
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Many financial stocks jumped. Bank of America Corp. (BAC) - Get Bank of America Corp Report was up 3% while Capital One Financial (COF) - Get Capital One Financial Corporation Report gained about 2%. SunTrust Banks (STI) - Get SunTrust Banks, Inc. Report was up 3% on heavy volume. JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. (JPM) Report was up 2%, and was one of the leaders on the Dow.
Media stocks were some of the biggest winners Monday with Comcast Corp. (CMCSA) - Get Comcast Corporation Class A Report and CBS Corp. (CBS) - Get CBS Corporation Class B Report joining Walt Disney Co. (DIS) - Get Walt Disney Company Report and Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Class A Report as some of the market's biggest gainers. The move comes on a Wall Street Journal report that Disney and Fox have resumed their talks for Fox to sell some assets to its rival.
Retail was also showing strength Monday. Lowe's Cos. (LOW) - Get Lowe's Companies, Inc. (LOW) Report was up 4.5% on heavy volume, Target Corp. (TGT) - Get Target Corporation Report gained 5% and Ross Stores (ROST) - Get Ross Stores, Inc. Report was up 3% on heavy volume.
Blue Apron (APRN) - Get Blue Apron Holdings, Inc. Class A Report shares were up 13% after analysts at Barclays upgraded to stock to "equal-weight" with a $4 price target after saying that the company has reached a stabilization point.
In more media news, Discovery Communications (DISCA) - Get Discovery, Inc. Class A Report increased its stake in the OWN Network it co-owns with Oprah Winfrey to take a majority share. Discovery paid $70 million to increase its stake 24.5% for a total share of 70% of the company.
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