Friday's Market Recap - Stocks Rocket To New Highs, As Passing Of GOP Tax Plan Seem Certain.

What is The Premarket Telling Us?

Stock futures are mostly higher. Dow futures up 47 points, Nasdaq futures up 13.75 points, and S&P futures up 3.00 points. Asian markets were lower overnight. Europe is mixed early.

On The Bond Desk:

US 10 year bond yield is unchanged at 2.35%.

Currency Desk:

Euro dollar at 1.18

UK Pound at 1.34

Crude Oil:

WTI crude oil futures looking higher at $57.40/barrel, up 0.63%

On the Earnings Calendar:

Adobe Systems Inc, reported strong quarterly Earnings results yesterday, after the close

Big Box retailer, COSTCO reported blowout quarterly Earnings results

In M&A News:

None

What About The Asian And European Markets?

Asian markets were mostly lower. Japan (Nikkei 225) down 0.62%, Shanghai down 0.80%, Hong Kong (Hang Seng) down 1.09%.

European markets closed the day mixed; Germany DAX up 0.27%, France CAC 40 lost 0.15%, London FTSE 100 0.57%.

Market And Sector Dynamics

Market opened for trading, strong to the upside. The Dow surged 130.85 points, Nasdaq was up 26 points, and the S&P gained 13 points. As the certainty of GOP tax cut increases, investor seems to push stocks higher. The vote on the tax bill should take place next week, as the Republicans say they have the vote to pass the bill. Senate Corker, the only Republican, who did not vote for the bill in the Senate, now says he will support the bill.

Stock remained elevated for the entire trading session, buoyed by strong earnings from COSTCO, and Adobe Systems Inc. Market tone was positive.

Ten of the eleven S&P sectors ended with solid gains, led by consumer goods, technology, healthcare, basic materials, industrials, and financials, outperformed to the upside. Energy was lower.

Factors Influencing Today's Market

• Crude oil rose modestly in the session. WTI crude oil closed at $57.30/barrel, up 0.46.

• This week's Baker Hughes Oil Rig Count rose 4 rigs to 747 total.

• Strong Quarterly Earning from Adobe Systems, Inc.

• Strong Quarterly Earning from COSTCO.

Market Close Volume Traded And Advance Decline Ratio

At the close, the markets were higher. The Dow gained 143.08 points, Nasdaq rose 80.06 points, and the S&P added 23.80 points. Total NYSE volume traded, a heavy 5.73 billion shares. Advancing shares outpaced Declining shares better than 2:1.

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