Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average, the S&P 500, and the Nasdaq all closed at record highs.
- Symantec (SYMC) shares surged amid reports that the cybersecurity firm could be bought by chipmaker Broadcom (AVGO) . Symantec is Real Money's Stock of the Day.
- Tesla (TSLA) shares rose after the electric-vehicle company delivered a record number of cars during the second quarter.
Wall Street Overview
All three major stock indexes ended at record highs in a holiday-shortened session Wednesday as investors hoping for an interest rate cut did some last-minute buying ahead of the Fourth of July on Thursday and the U.S. jobs report on Friday.
The S&P 500, which closed at records the past two trading sessions, traded at an intraday high and closed up 0.8% to 2,995.82. The Dow Jones Industrial Average rose 179 points, or 0.67%, to 26,966. The Nasdaq was up 0.75% to 8170.23.
"It's not too surprising to see the markets move in this positive direction right now," said Mike Loewengart, vice president of investment strategy of E*Trade Financial. "There are consistent cracks showing on the jobs front, strengthening the case for a potential rate cut which would be likely welcomed by the market. It's really a yin and yang relationship and we could see more of this activity with additional jobs data on deck during this not-so-sleepy week."
Global government bond yields tumbled Wednesday as investors reacted to both weakening manufacturing data and the potential appointment of central bank executives in both Europe and the U.S, that are expected to support further interest rate reductions. The U.S. 10-year Treasury yield reached its lowest level since November 2016 and was recently down 0.24% to 1.953%.
Meanwhile, the U.S. Dollar Index briefly dropped after President Donald Trump said on Twitter that "China and Europe playing big currency manipulation game and pumping money into their system in order to compete with the USA."
"We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games -- as they have for many years!" Trump said.
Trump also said he plans to nominate two economists to fill the two vacancies on the Federal Reserve board. Trump tweeted that he plans to nominate Christopher Waller, director of research at the Federal Reserve Bank of St. Louis, and Judy Shelton, U.S. executive director at the European Bank for Reconstruction and Development, to the board.
In economic news, U.S. jobs growth rebounded in June, but the pace of labor-market growth was slower than economists had forecast, based on a report Wednesday from Automatic Data Processing.
Symantec (SYMC) shares surged 13.7% to $25.13 amid reports that the cybersecurity firm could be bought by chipmaker Broadcom (AVGO) . Symantec, the top gainer on the S&P 500 and the Nasdaq, is Real Money's Stock of the Day.
Tesla (TSLA) shares rose 4.7% to $235.08 after the electric-vehicle company delivered a record number of cars during the second quarter. Tesla said total deliveries for the quarter rose 51% from the year-earlier period to a company record 95,200 vehicles, ahead of analysts' expectations of 91,000.
Canadian marijuana producer and distributor Canopy Growth (CGC) said Co-Founder Bruce Linton stepped down as co-CEO and a board member. Linton told CNBC that he had been fired. The shares were up nearly 2.3% to $41.02.
"I think stepping down might not be the right phrase," he said during the interview. "I was terminated."