The Dow Jones Industrial Average (DJIA) is pushing higher at midday, as traders weigh the latest comments from the Fed. For example, Minnesota Fed President Neel Kashkari -- who dissented from last week's Fed decision -- said he needs to see inflation rise more before voting to raise rates. Meanwhile, ahead of an afternoon speech, Chicago Fed President Charles Evans this morning said that while the central bank is on track for two more rate hikes this year, three additional hikes is a possibility if inflation overshoots the Fed's 2% target. Still, the Nasdaq Composite (COMP) earlier touched a new all-time high thanks to a broad rally in tech stocks, including a fresh record peak from Dow component Apple Inc. (NASDAQ:AAPL). Traders are also keeping an eye on Washington, D.C., where FBI Director James Comey this morning confirmed the agency is investigating any ties between Russia and Donald Trump's presidential campaign.
Continue reading for more on today's market -- and don't miss:
Alibaba Group Holding Ltd (NYSE:BABA) is staying hot on the Big Board, with the shares adding another 2.3% today to trade at $108.07. Moneygram International Inc's (NASDAQ:MGI) board of directors said they continue to support a merger with Alibaba affiliate Ant Financial, despite flirting with fellow suitor Euronet Worldwide, Inc. (NASDAQ:EEFT). BABA stock is up 23% year-to-date, and is now within 2 points of its 52-week high of $109.87 from September.
Electric car stock Kandi Technologies Group Inc (NASDAQ:KNDI) is again struggling on the Nasdaq, as the shares continue to fall after the company last week said it would need to restate prior financial statements. KNDI stock was last seen 6.5% lower at $3.60, bringing its 12-month decline to 55%.
Don't miss the stock market's big finish. Sign up now for Schaeffer's Market Recap.
SCHAEFFER'S PARTNER CENTER
Visit Schaeffer’s Broker Center today to open your account and gain access to exclusive offers from top brokers.
VIX Streak in Jeopardy as Healthcare Vote Sparks Volatility
Apple, KB Home, Under Armour Stock Upgraded
Dow Jones Industrial Average Suffers Worst Week Since September
Dow Jones Industrial Average Grinds Higher Ahead of House Vote
Bank Stocks Help Dow Jones Industrial Average Storm Higher