Despite the ongoing trade uncertainty with Mexico, the stock market posted its third straight day of gains for the week with Wednesday’s closing bell.
The market gains are largely attributed to the hope that the Federal Reserve will cut interest rates shortly. The Dow finished Wednesday up 208 points, adding 0.8% to its overall gains. The S&P 500 also closed the day up 0.8% while the Nasdaq closed up 0.6%.
Microsoft (MSFT) had a good day, finishing up 2.7% while Cisco (CSCO) boasted an impressive gain of 2.9%. Over on the S&P, Campbell Soup (CPB) had a massive day, gaining 10% after beating earnings expectations. Vera Bradley (VRA) was also a big winner for the day with shares up 9% after a strong earnings report.
The big losers of the day were cruise lines, following the Trump administration’s announcement on new travel restrictions on US citizens traveling to Cuba. Norwegian Cruise Lines (NCLH) saw the biggest losses, finishing the day 4.7% lower. Carnival (CCL) was down 2.9% with Royal Caribbean (RCL) not far behind with a loss of 2.8%. The White House announcement stipulated that cruise ships will no longer be able to enter the country, throwing the busy summer sailing season into disarray.
Looking ahead to Thursday’s trading day, the European Central Bank and the Reserve Bank of India are both scheduled to give updates. These updates could have a significant effect on global trading markets. Also on Thursday, the eurozone’s first quarter GDP is due out to investors. This figure is expected to post a gain of 1.2% from last year.
In the US, the domestic weekly jobless claims report is expected to hit before the markets open. Investors will also be looking toward the April trade report for guidance when the bell rings. The recently IPO’d company of Beyond Meat (BYND) is expected to report earnings on Thursday.