Diamonds and Dogs
Discovery (DISCA) had a good day. The media company that owns various networks including Discovery, HGTV, and Food Network jumped 6% to a four month high after announcing a on-demand programming partnership with Alphabet's YouTube; eight channels from Discovery network brands will be brought to YouTube TV, which will now have an updated membership price of $49.99/month. Things are looking up at Discovery.
A tough day for the banks as the top CEO got grilled in front of Congress. Wells Fargo (WFC) finished down a percent as the Democratic-controlled House is ratcheting up oversight of the industry. The roughly six hours of testimony touched on the financial crisis, probes, capital rules, wages, interest rates, the economy, the Federal Reserve, China, climate change, gender equality, diversity, cybersecurity and cryptocurrencies, as well as how banks serve rural areas, small businesses, millennials, immigrants in the DACA program, gun makers, prisons, fossil-fuel companies, car buyers, home buyers and people living in Guam. Former Goldman Sachs CEO, Lloyd Blankfein sent a message out on Tweitter saying, "Boy, I really miss my old job!!!,"