Stocks climbed Tuesday on an otherwise quiet day.
The Nasdaq and the S&P 500 were up in the green, but the Dow held flat.
First up, the scoreboard:
- Dow: 20,931.71, -8.45, (-0.04%)
- S&P 500: 2,390.36, +5.93, (+0.25%)
- Nasdaq: 6,094.75, +47.15, (+0.78%)
- US 1o-year yield: 2.323%, +0.041
- WTI crude: $US48.86, -0.47, (-0.95%)
1. Trump says he’s thinking about breaking up the big banks. “I’m looking into that right now,” he told Bloomberg about bringing back the “old system” that separated consumer lending and investment banking. The move would revive a version of the Glass-Steagall Act passed in 1933 and repealed in 1999, which required banks to separate commercial deposit banking from investment banking.
2. The manufacturing sector grew slower than expected in April as employers reported less hiring and a slower pace of incoming orders, according to the Institute for Supply Management. But new orders for exports surged. ISM’s index jumped 0.5 points to 59.5, the highest since November 2013.
3. Personal income rose less than expected in March, while spending was flat, according to the Bureau of Economic Analysis. Although spending on services — the largest sector of the economy — rose, this was partially offset by a drop in the auto industry.
4. Treasury Secretary Steven Mnuchin says it will take 2 years for the US economy to grow as fast as Trump promised. “There are very attractive opportunities,” Mnuchin said at the Milken Institute Global Conference, speaking less than one week after the Trump administration unveiled plans for aggressive tax cuts.
5. Facebook hit an all-time high. Around 10 a.m. ET, shares of Facebook were up 1.05% at $US151.83.The social media giant is set to release its first quarter earnings on Wednesday, May 3. According to Bloomberg, analysts expect Facebook to earn an adjusted $US1.12 per share on revenue of $US7.83 billion.
6. Mortgage servicer Ocwen Financial surged by as much as 46% after saying it will sell $US425 billion of assets to help boost finances. New Residential Corporation will purchase mortgage servicing rights from Ocwen in a transaction and start a new five-year sub-servicing agreement, the company said in a statement.