STOCKS SOAR: Here’s what you need to know

navy high rally looking down skyWikimedia

Stocks jumped and Treasurys fell on Thursday, with the Dow Jones Industrial Average logging its strongest performance in six weeks. The odds of an interest-rate hike in May increased, and Treasury Secretary Steven Mnuchin said a tax reform plan was coming “very soon.”

Here’s the scoreboard:

  • Dow: 20,592.30, +187.81, (0.92%)
  • S&P 500: 2,356.76, +18.59, (0.80%)
  • Nasdaq: 5,918.52, +55.49, (0.95%)
  1. Virtu Financial, the high-speed trading firm, announced a deal acquire KCG Holdings in an all cash transaction for $1.4 billion. Virtu CEO Doug Cifu said that “KCG fits perfectly with Virtu’s strategic priorities,” and said there would be “significant value creation through synergies.”
  2. Verizon reported quarterly results that missed estimates and said it lost subscribers who pay a monthly bill, despite the relaunch of unlimited data plans. Verizon said it lost 307,000 retail postpaid subscribers on a net basis in the first quarter.
  3. Initial jobless claims, which count the number of people who applied for unemployment insurance for the first time, rose by 10,000 to 244,000 in the past week, more than expected.
  4. D.R. Horton beat on profits, helped by higher home sales. America’s largest homebuilder raised its revenue forecast for the year.


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