US stocks climbed to a new record as energy stocks led the way higher.
The S&P 500 increased 0.7%, while the Dow Jones Industrial Average spiked 0.8% and the more tech-heavy Nasdaq 100 rose 0.81%.
First up, the scoreboard:
- Dow: 25,574.73, +205.60, (+0.81%)
- S&P 500: 2,767.56, +19.33, (+0.70%)
- Nasdaq: 7,211.78, +58.21, (+0.81%)
- US 10-year yield: 2.53%, -0.02
- WTI crude oil: $US63.57, +$US0.00, +0.00%
1. A stock trade that crushed the market last year could come crashing back to earth. The so-called growth trade may lose ground to its rival, the value trade, according to Bank of America Merrill Lynch.
2. Ripple’s XRP is exploding after announcing a partnership with MoneyGram to speed up transfers. As part of the collaboration, MoneyGram is expected to test the XRP cryptocurrency to improve transfer settlement times and costs.
3. Goldman Sachs identifies 13 stocks that will see profits explode higher in 2018. It’s part of the firm’s ranking of stocks in the S&P 500 that are expected to see the biggest earnings growth this year.
4. Walmart is abruptly closing 63 Sam’s Club stores and laying off thousands of workers. Sam’s Club has not said how many employees are losing their jobs. Each of the company’s warehouses employs about 175 people, meaning more than 11,000 people could be impacted.
5. David Rosenberg says the excesses in markets are practically unlike anything we’ve ever seen. The chief economist at Gluskin Sheff provides the example of how US economic growth is now more dependent than ever on asset inflation.