Stocks climbed higher, hitting a new intraday record high, as a surge in Walmart shares sent consumer companies soaring.
The S&P 500 gained 0.2%. Meanwhile, the Dow increased 0.3% and the more tech-heavy Nasdaq inched 0.1% higher.
First up, the scoreboard:
- Dow: 22,830.61, +69.54, (+0.31%)
- S&P 500: 2,550.65, +5.92, (+0.23%)
- Nasdaq: 6,587.25, +7.52, (+0.11%)
- US 10-year yield: 2.35%, -0.02
- WTI crude oil: $US50.86, +1.28, +2.58%
1. Walmart is using the oldest trick in the book to boost its stock price. The retailer authorised up to $US20 billion in share buybacks over the next two years, and also announced plans to expand its ecommerce offering.
2. Credit Suisse outlines the 6 things that could make or break the stock market in 2018. The firm’s equity strategists see the S&P 500 rising to 2,987 by year-end, implying an annualized gain of about 11%.
3. Stocks are behaving in a way not seen since the tech bubble. They’re fluctuating at the whim of macro events to the lowest degree since 2001, according to Morgan Stanley.
4. RBC says Apple could be one of the biggest beneficiaries of Trump’s tax plan. The firm cites the deduction of capital expenses and a reduction of the corporate tax rate as possible drivers.
5. Nelson Peltz was thwarted by the $US236 billion maker of Tide and Crest in the largest proxy battle in history. He failed to claim a seat on the board of consumer giant Procter & Gamble.