The markets enjoyed another push higher today as it continues to recover from the end of year selloff. While all the major indices were higher on the day, the Russell 2000 was the leader with a gain of 1.37%. The Dow 30 closed higher by 256, the S&P 500 added 24, and the Nasdaq 100 finished with a gain of 732. Focus remains on the results of trade meetings.
Oil prices rose once again as trade talks and export cuts by the Saudis continue to help the bullish case for the commodity. While oil cuts are happening overseas, investors are starting to question the increased output in the US and what effects it will have on the world's supply.
Transports were one of the leading sectors today thanks in part to the rails. Union Pacific (UNP ) shares popped over 8% on news of a new COO, which prompted a string of analyst upgrades and overall bullish calls.
MasterCard (MA ) shares were lower on the day following a downgrade to neutral from buy at Bank of America (BAC ). The analyst cited short-term concerns about valuation and earnings estimates that look high especially on revenue. The company also announced they were changing their logo in an attempt to present itself more as a tech company than a payment processor.
PG&E (PCG ) shares plummeted again as the company is looking at over $30 billion in liabilities from the 2017 and 2018 wildfires in California, which may force it into bankruptcy. S&P Global Ratings also removed their investment-grade rating.
Facebook (FB ) shares were higher today as comments from JP Morgan (JPM ) said that investors should look past the current controversies and focus on an attractive valuation at these levels.
Mattel (MAT ) shares were higher on news of a Barbie movie franchise. The company has made a consistent effort to move into the digital world, with original content production as one of their main focuses.