Stocks rallied higher as the Senate Budget committee passed the tax reform bill and sent it to the floor where it will be voted on by the full Senate in the next few days. At the close the Dow was up 255 points to 23,856 on heavy trading volume. Markets had stalled a bit mid day when North Korea launched an ICBM but this pause was overcome when the tax bill took another step forward.
Internet holiday shopping season is off with a bang as Cyber Monday posted its biggest online sales day ever with sales up 16.8% over last year’s results according to Adobe which also predicted this year will be the first ever season to break $100 billion in online sales.
Bank stocks shot higher today as Jay Powell, during his confirmation hearing today for the Chairmanship of the Federal Reserve, noted that bank regs were “tough enough” and pushed back on the notion that they should be strengthened. This de-regulatory bent, coupled with Mr. Powell’s signal of support for a rate hike in December pushed bank stocks higher on volume.
Thor Industries, maker of RVs including the legendary Airstream line, reported better than expected earnings. The Elkhart, Indiana based company posted a 31% increase in revenue and a whopping 63% increase in net profits. CEO Bob “Made in America” Martin said "The breadth of our offerings … are attracting an ever-wider array of customers, including Baby Boomers, Gen-X'ers and Millennials, to take part in the RV-lifestyle.” Forward guidance was also good and gurus ecstatically pushed shares to a 5 year high. This earnings report dovetails with statistics showing a steady rise in National Park visitations over the past few years. Have RV will travel!