Thursday's Market Recap - Dow Jumps More Than 300 Points, As GOP Tax Bill Looks To Pass In Senat

What is The Premarket Telling Us?

7:00 AM.

Stock futures are all elevated this morning. Dow futures up 89 points, Nasdaq futures up 21 points, and the S&P up 8.50 points. Asian market traded lower overnight, and Europe is looking lower in their trading. Today, oil producing countries are meeting to review their existing production cuts.

On The Bond Desk:

US 10 year bond yield at 2.38%, up 0.04% or four basis points

Currency Desk:

Euro dollar at 1.18

UK Pound at 1.34

Crude Oil:

WTI crude oil futures are modestly down at $57.73/barrel, down 0.45%.

On the Earnings Calendar:

After the close, yesterday, retailer, PVH beat Q3 earnings and revenue expectation, but forward guidance was somewhat lower than expected.

In M&A News:

Reports are that, the CVS deal to buy AETNA is nearing completion.

What About The Asian And European Markets?

Asian markets were mostly lower in their session; Japan (Nikkei 225) up 0.57%, Shanghai down 0.62%, Hong Kong (Hang Seng) down 1.51%.

European markets were all lower; Germany DAX fell 0.29%, France CAC 40 lost 0.47%, London FTSE 100 0.90%.

Market And Sector Dynamics

Markets opened to the upside, with the Dow up 95.62 points, climbing above the 24,000 point mark. Nasdaq added 27.58 points, and the S&P rose 9.59 points. Investors are anticipating positive news from the OPEC/Non-OPEC members meeting today, where they are expected to extend their production cuts.

At the OPEC meeting, participants did agree to extend exist production targets until December 2018.

At 12:25 Dow up 275 points - as GOP tax reform plan seems more likely, as John McCain indicated he will support bill.

Stocks momentum, remained elevated into the close. All eleven S&P sectors closed with gains. Energy, industrials, consumer goods, technology, healthcare, and utilities, were the out-performers.

Factors Influencing Today's Market

• The Senate version of GOP Tax Bill is now looking more likely to pass, as John McCain adds his support of the bill.

• OPEC/Non-OPEC producers agreed today to extend production cuts until December 2018.

• The CVS AETNA deal may be nearing completion.

• Crude oil prices rose modestly in today's trading. WTI crude price closed at $57.40/barrel, up 0.17%.

• This week's Initial Jobless Claims fell 2000, to 238,000.

Market Close Volume Traded And Advance Decline Ratio

At the end of trading the Dow skyrocketed 331.67 points, and closing above 24,000 for the first time. Nasdaq gained 49.58 points, and the S&P added 21.51 points. Total NYSE volume, a heavy 4.88 billion shares. Advancing shares outpaced Declining shares nearly 2:1.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.