The markets were mostly higher today, with bank stocks supporting the overall markets. The Dow 30 was higher by 158 and the S&P 500 gained 3, but the Nasdaq 100 closed lower on the day by 6.
Sector News
Bank stocks moved sharply higher today. The banking sector gained 1.5% on the day after not participating much in the recent market rally. Names like Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC) were some of the leaders.
Oil was one of the big movers today, as the price of crude finished higher by over 1%. The weekly energy report showed that US stockpiles fell by 2.1 million barrels last week, which was less than expected. Analysts had forecast a decline of 2.7 barrels.
Stock News
Tesla (NASDAQ: TSLA) was in the news again today. The Justice Department is requesting documents regarding the Tweets that CEO Elon Musk made last month about taking the company private. The SEC is also investigating their own case as it relates to the price of the stock. Shares were higher on the day despite the news.
Netflix (NASDAQ: NFLX) shares were higher today after an analyst at Guggenheim raised their price target to $420 from $360, suggesting another 13-14% upside from today's pricing. In their report, the analyst said the company will beat on subscriber counts, which are not currently reflected in the valuation of the stock.
Tilray (NASDAQ: TLRY) shares blasted off again today, at one point posting 50% gains on the day as the CEO made his way to TV for an interview. He said that cannabis is a great hedge for alcohol companies and should enter the industry. The stock now has a valuation of nearly $16 billion with next to nothing in sales, and is higher by almost 600% this year alone.