Stocks continued to march higher as the Dow gained 35 points to 18,903 on heavier trading volume. There is turmoil in Washington DC as several department heads are announcing their retirement in anticipation of the new administration coming into power. Recent resignation announcements include SEC Chair Mary Jo White and Director of National Intelligence James Clapper. Bank stocks continued to creep higher in anticipation of a lighter regulatory load heading into 2017.
Retail giant Walmart reported Q3 numbers and they were generally “ok” as top line revenue rose 0.7% and bottom line profits fell by 1%. US same store sales grew 1.2%. The results were generally in line with estimates. E-commerce efforts at Walmart are showing promise as E-sales rose 20.6%. CEO Doug “Big” McMillon was optimistic heading forward saying that efforts to avoid becoming Amazon road kill were paying off.
Tesla and Solar City shareholders this afternoon voted to approve the merger of the two companies. Tesla is a fascinating company with an incredible vision that faces harsh financial challenges in the year ahead as it ramps up to produce the Model 3.
Oil prices slid 1.4% and WTI crude oil traded back below $45 per barrel as OPEC tries to talk up the production cap deal that might (or not) be ratified at its November 30th meeting in Vienna.