Stocks erased yesterday’s losses as hopes for infrastructure spending, tax cuts and regulatory relief rose. The Dow closed the day up 150 points on heavy trade to 20,701. Banks led markets higher along with restaurants and retailers.
Amazon announce it had purchased Souq.com, the biggest e-commerce company in the Middle East. Having been launched in 2005, Souq is considered the “Amazon of the Middle East” and has operations in Egypt, UAE and KSA with about 45 million visits per month.
Ford today announced it was investing $1.2 billion in three different plants as per an agreement it made with the UAW back in 2015. This is in addition to adding 700 workers in Michigan after it canceled a plan to build a car factory in Mexico. The latest projects include an investment in a data center in Flat Rock, an engine plant in Romeo and a plant upgrade in Wayne.
US consumer confidence continues to climb hitting a level not seen since December 2000 just before the dot.com bubble burst in March of 2001. The Conference Board consumer confidence index came in at 125.6 besting the 114 estimate that had been expected. Lynn Franco, head of economic indicators at the CB said "Consumers' assessment of current business and labor market conditions improved considerably,” While the robust confidence number is good the question of sustainability at this level is worth asking and only time will tell how that works out.