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Stocks soar on big consumer confidence beat


Forget DC… Main Street is now driving Wall Street (^DJI, ^GSPC, ^IXIC) higher as a big consumer confidence beat has traders giddy. Catch The Final Round at 4 p.m. with Justine Underhill and Yahoo Finance markets correspondent Myles Udland.

Winners and losers

Stocks in the red today include China Southern Airlines after it sold a small stake to American Airlines, Cempra as the drugmaker withdrew its pneumonia treatment from Europe, and Snap – shares back under pressure for the Snapchat parent as Facebook launches Snapchat-like features for its mobile app.

Stocks in the green today include include Darden Restaurants as the Olive Garden parent’s profits, revenues, and comparable sales beat the street, Golden Ocean Group as Morgan Stanley upgraded a slew of dry bulk shippers, and Tesla — shares getting charged up after Chinese investment firm Tencent disclosed a 5% stake in the electric automaker.

Rahm Emanuel on innovation, health care, and tax reform

With a new regime in Washington, many cities are competing for federal funds and on issues that affect their bottom lines… whether it’s tax reform, infrastructure, immigration, or health care. Earlier we spoke with Chicago Mayor Rahm Emanuel about these issues, as well as the Chicago Innovation Awards and how the city is making strides in tech.

Looking ahead

  • More Fed presidents coming to the fore tomorrow with speeches by the Chicago Fed’s Charles Evans, the Boston Fed’s Eric Rosengren, and John Williams of the San Francisco Fed.

  • At 10 a.m. Eastern we’ll get pending home sales for February. The street’s expecting a 2.4% rise, a reversal of the prior month’s 2.8% dip.

  • Finally tomorrow — the British Prime Minister Theresa May will trigger article 50, formally launching Brexit and beginning a two-year process whereby London and Brussels will negotiate the UK’s exit from the European Union. Currency traders will be watching the pound if May reiterates her stance on a “hard Brexit.”

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