We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Benchmarks closed in positive territory on Monday following rising optimism that the much awaited Republican tax Bill is likely to be passed this week. This development is expected to reduce U.S. corporate tax rates from 35% to 21%, which in turn led all the three key U.S. indexes to hit their new all-time highs. Additionally, a number of corporate deals also helped boost investor sentiment.
The Dow Jones Industrial Average (DJIA) increased 0.6%, or 140.46 points to close at 24,792.20. The S&P 500 Index (INX) rose 0.5% to close at 2,690.16. The tech-laden Nasdaq Composite Index (IXIC) closed at 6,994.76, gaining 0.8%. A total of 7.1 billion shares were traded on Monday, higher than the last 20-session average of 6.8 billion shares. Advancers outnumbered decliners on the NYSE by a 2.43-to-1 ratio. On Nasdaq, a 2.13-to-1 ratio favored advancing issues. The CBOE VIX decreased 0.3% to close at 9.39.
Tax Cuts Likely this Week
Support from several key policymakers raised optimism that the much awaited Republican tax Bill will be finally passed this week. Lower tax rates are expected to raise dividend payouts, boost share buybacks and improve profits. Optimism surrounding a strong decline in corporate tax rates had a broad-based positive impact on markets.
The Materials Select Sector SPDR (XLB) increased 1.5% and was the best performing sector among the S&P 500. Some opf its key holdings, including LyondellBasell Industries N.V. (LYB - Free Report) and Nucor Corporation (NUE - Free Report) rose 3.3% and 3.2%, respectively. Both the companies have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Additionally, the Financial Select Sector SPDR (XLF) rose 1% and is expected to gain further following rising tax cut prospects. Some of its key components, Wells Fargo & Company (WFC - Free Report) and Bank of America Corporation (BAC - Free Report) advanced 1.8% and 1.5%, respectively.
Corporate Deals Boost Sentiment
In acquisitions news, Campbell Soup Company (CPB - Free Report) decided to buy Snyder's-Lance, Inc for $4.87 billion in cash. Both shares of Snyder's-Lance and Campbell Soup increased 4% and 0.1%, respectively. Additionally, Oracle Corporation (ORCL - Free Report) decided to acquire software developer Aconexfor $1.2 billion or about $5.97 per share in cash. Shares of Oracle fell 1.2% on Monday.
Also, Amplify Snack Brands, Inc’s (BETR - Free Report) shares jumped 71.6% after The Hershey Company (HSY - Free Report) decided to buy the popcorn maker for around $921 million or $12 per share. These corporate deals delivered a significant boost to markets.
The Dow marked its 70th record close on Monday and advanced more than 5,000 points for the first time in a year. Moreover, all the three indexes touched record intraday levels, with the Nasdaq rising more than 7,000 points during the day.
In a bid to create a fully-vertically integrated company, McDermott International, Inc. is set to merge with Chicago Bridge & Iron Company N.V. in a $6 billion all-stock deal. (Read More)
ExxonMobil Corporation (XOM - Free Report) is likely to end the five-decade old marketing joint venture with BHP Billiton Ltd due to concerns raised by ACCC. (Read More)
Zacks Editor-in-Chief Goes "All In" on This Stock
Full disclosure, Kevin Matras now has more of his own money in one particular stock than in any other. He believes in its short-term profit potential and also in its prospects to more than double by 2019. Today he reveals and explains his surprising move in a new Special Report.
Image: Bigstock
Stock Market News For Dec 19, 2017
Benchmarks closed in positive territory on Monday following rising optimism that the much awaited Republican tax Bill is likely to be passed this week. This development is expected to reduce U.S. corporate tax rates from 35% to 21%, which in turn led all the three key U.S. indexes to hit their new all-time highs. Additionally, a number of corporate deals also helped boost investor sentiment.
The Dow Jones Industrial Average (DJIA) increased 0.6%, or 140.46 points to close at 24,792.20. The S&P 500 Index (INX) rose 0.5% to close at 2,690.16. The tech-laden Nasdaq Composite Index (IXIC) closed at 6,994.76, gaining 0.8%. A total of 7.1 billion shares were traded on Monday, higher than the last 20-session average of 6.8 billion shares. Advancers outnumbered decliners on the NYSE by a 2.43-to-1 ratio. On Nasdaq, a 2.13-to-1 ratio favored advancing issues. The CBOE VIX decreased 0.3% to close at 9.39.
Tax Cuts Likely this Week
Support from several key policymakers raised optimism that the much awaited Republican tax Bill will be finally passed this week. Lower tax rates are expected to raise dividend payouts, boost share buybacks and improve profits. Optimism surrounding a strong decline in corporate tax rates had a broad-based positive impact on markets.
The Materials Select Sector SPDR (XLB) increased 1.5% and was the best performing sector among the S&P 500. Some opf its key holdings, including LyondellBasell Industries N.V. (LYB - Free Report) and Nucor Corporation (NUE - Free Report) rose 3.3% and 3.2%, respectively. Both the companies have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Additionally, the Financial Select Sector SPDR (XLF) rose 1% and is expected to gain further following rising tax cut prospects. Some of its key components, Wells Fargo & Company (WFC - Free Report) and Bank of America Corporation (BAC - Free Report) advanced 1.8% and 1.5%, respectively.
Corporate Deals Boost Sentiment
In acquisitions news, Campbell Soup Company (CPB - Free Report) decided to buy Snyder's-Lance, Inc for $4.87 billion in cash. Both shares of Snyder's-Lance and Campbell Soup increased 4% and 0.1%, respectively. Additionally, Oracle Corporation (ORCL - Free Report) decided to acquire software developer Aconexfor $1.2 billion or about $5.97 per share in cash. Shares of Oracle fell 1.2% on Monday.
Also, Amplify Snack Brands, Inc’s (BETR - Free Report) shares jumped 71.6% after The Hershey Company (HSY - Free Report) decided to buy the popcorn maker for around $921 million or $12 per share. These corporate deals delivered a significant boost to markets.
The Dow marked its 70th record close on Monday and advanced more than 5,000 points for the first time in a year. Moreover, all the three indexes touched record intraday levels, with the Nasdaq rising more than 7,000 points during the day.
Stocks That Made Headlines
McDermott Inks $6B Merger Deal With Chicago Bridge & Iron
In a bid to create a fully-vertically integrated company, McDermott International, Inc. is set to merge with Chicago Bridge & Iron Company N.V. in a $6 billion all-stock deal. (Read More)
ExxonMobil, BHP Billiton to Terminate Marketing JV in 2019
ExxonMobil Corporation (XOM - Free Report) is likely to end the five-decade old marketing joint venture with BHP Billiton Ltd due to concerns raised by ACCC. (Read More)
Zacks Editor-in-Chief Goes "All In" on This Stock
Full disclosure, Kevin Matras now has more of his own money in one particular stock than in any other. He believes in its short-term profit potential and also in its prospects to more than double by 2019. Today he reveals and explains his surprising move in a new Special Report.
Download it free >>