Diamonds and Dogs
The financials lead the Dow back above 20,000. Goldman Sachs (GS) is jumping 3.5%, the largest contributor to the Dow's gains, after President Donald Trump's administration begins a rethink of the way big American financial firms are regulated, with a focus on repealing many of the Dodd-Frank bank reform rules implemented in the wake of the 2008-09 financial crisis. Critics say the rule hampers banks' ability to be competitive in international markets.
It's Amazon's (AMZN) turn to drop. The rest of the retail sector has struggling of late blaming Amazon. Now its Amazon down 3.7% following disappointing earnings. The company beat estimates, but missed sales and then guidance first quarter below expectations. Revenue rose 22.4% year over year as operating income rose 28% to $816 million. Long term the fundamentals for Amazon are bright. Prime members can now choose from over 50 million items with free two-day shipping — up 73% since 2015.
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