In the new tax reform bill, Congress quietly gave 121 million eligible Americans the chance to collect on “consumer bonuses” that max out at $3,700 for some people. This is available every year until 2025. And there are no income requirements to collect.
The Dow Jones Industrial Average (DJI) is soaring today, up over 250 points and barreling toward its third straight win, thanks to a combination of well-received blue-chip earnings and upbeat economic data. Cisco (CSCO) has popped more than 6% — and is on pace for its best day in three years — as traders cheer its minimal trade-war exposure; meanwhile, Walmart (WMT) has rallied 3.3% despite warning that it will pass along tariff-related price hikes to customers.
On the economic front, the news today has been resoundingly upbeat. Weekly jobless claims fell to a lower-than-forecast 212,000, the Philadelphia Fed manufacturing index bolted to a four-month high of 16.6, and housing starts improved in April to a better-than-expected annual rate of 1.24 million. Against this backdrop, the Cboe Volatility Index (VIX) is poised for its fifth loss in six days.
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