US Markets Surge to Record Highs on Good News from the Fed
The Dow managed to fight back against midday losses to set record highs on Tuesday. Not only did the market add 92.35 points, ending at 18,209.18, but it also set the high water mark for closing and intraday prices. The S&P 500 was up 5.82 points to 2,115.48. The NASDAQ, which has grown for 10 consecutive days, added 7.15 to close at 4,968.12 today. In overseas trading, markets were making gains. London's FTSE added 37.47 points, and Germany's DAX shot up 74.82. The one exception was the Hang Seng in Hong Kong, which fell -86.69 points.
Freeport-McMoRan Recovers After Yesterday's Free Fall. After shares dove over -3% yesterday, Freeport-McMoRan (FCX) reversed their decision to sell off assets. The company regained almost everything it lost today, adding 0.63 points to close at 21.22.
Health Services Sector Grows Over 12% Health services had another amazing day today, continuing to add value in almost every corner of the sector. Some of today's top movers were INC Research Holdings (INCR), which grew 1.94 points to close at 27.93. The JointCorp (JYNT) added 0.47 points, or almost 6.5%, to finish trading at 7.74 per share. American Shared Hospital Services (AMS), another low-cap stock to watch, added 0.15 points, or 6.33%, to finish trading at 2.52.
Diamond Offshore Plummets On Cancelled Drilling Contracts. Five of Diamond Offshore's (DO) planned rig operations were cancelled today, when Mexican companies put a halt to deals that would let the American driller expand into the Gulf. Diamond Offshore lost -8.42% on the news, falling -2.83 points to close at 30.79 per share.
Saudis Signal Their Happiness With $50 Crude. Despite the toll cheap oil is taking on American producers and even other OPEC cartel nations, Saudi Arabia won't even discuss cutting production. The world's biggest oil producer is happy with the current state of prices, and has vetoed emergency meetings between OPEC member nations that would have been held on the topic of decreasing production in order to inflate prices. US drillers' slim profit margins won't be getting fatter anytime soon.
Fed Chair Yellen's Testimony Was As Good As It Gets. One of the reasons that the markets shot up today was the incredibly positive testimony of Jessica Yellen before Congress. The Fed Chair spoke about growing consumer confidence, and also signalled that the Fed would raise rates in June. She took special care to telegraph the rate hike, which is another step on the return to normalcy for the American economy. There is some uncertainty about exactly how much interest rates will be raised, but for now the market is happy enough knowing that they're on the way.