Stocks soar as financials, tech lead the way
Stocks (^DJI, ^GSPC, ^IXIC) are soaring here with the Nasdaq, and bank stocks, leading the way. Plus – it’s Trump vs Amazon. Will the president get in the way of Jeff Bezos’ soaring vision for the online behemoth? And, with financials up day two, are the banks a buy? Analyst Chris Whalen weighs in. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance Editor-in-Chief Andy Serwer.
Winners and losers
Stocks missing out on the rally include Paychex as the payroll services firm gave EPS guidance that was below consensus; Monro Muffler and Brake as the company’s CEO declined to renew his contract; and Advance Auto Parts, with shares of the auto parts dealer dropping after analyst at Cleveland Research downgraded it to ‘neutral,’ citing an industry under pressure.
Stocks in the green today include KB Home as the homebuilder reported double-digit increases in net order deliveries; Spectranetics, as the medical device maker will be bought by Philips for $2.2 billion; and Nutanix, with shares jumping for the cloud services company as it announced a partnership with Google, which would beef up Google’s ‘public cloud’ offerings.
Buy the banks?
Any minute we’ll get the Fed’s verdict on the banks’ stress tests, which has big implications for both stock buybacks and dividends. Joining us now to discuss is Christopher Whalen, chairman of
Whalen Global Advisors.