Stocks jumped and Treasurys fell on Thursday, with the Dow Jones Industrial Average logging its strongest performance in six weeks. The odds of an interest-rate hike in May increased, and Treasury Secretary Steven Mnuchin said a tax reform plan was coming “very soon.”
Here’s the scoreboard:
- Dow: 20,592.30, +187.81, (0.92%)
- S&P 500: 2,356.76, +18.59, (0.80%)
- Nasdaq: 5,918.52, +55.49, (0.95%)
- Virtu Financial, the high-speed trading firm, announced a deal to acquire KCG Holdings in an all cash transaction for $US1.4 billion. Virtu CEO Doug Cifu said that “KCG fits perfectly with Virtu’s strategic priorities,” and said there would be “significant value creation through synergies.”
- Verizon reported quarterly results that missed estimates and said it lost subscribers who pay a monthly bill, despite the relaunch of unlimited data plans. Verizon said it lost 307,000 retail postpaid subscribers on a net basis in the first quarter.
- Initial jobless claims, which count the number of people who applied for unemployment insurance for the first time, rose by 10,000 to 244,000 in the past week, more than expected.
- D.R. Horton beat on profits, helped by higher home sales. America’s largest homebuilder raised its revenue forecast for the year.
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