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Another Record for the NASDAQ

The NASDAQ broke away on Thursday to reach a new all-time high, due in part to media stocks catching M&A fever.

The index jumped 0.85% today to 7761.04. In the wake of the AT&T/Time Warner approval, the market is also mulling over Comcast’s $65 billion bid for several units of Twenty-First Century Fox. Investors are getting ready for a lot of deal making in the back half of the year. And it doesn’t hurt that a tech staple like Facebook continues making new highs as well.

The S&P managed to climb 0.25% to 2782.5.

Meanwhile, the Dow is still holding up well after the Fed’s rather hawkish statements yesterday, which included a rate hike and the likelihood of a fourth by the end of the year. As Jeremy Mullin said yesterday in Counterstrike, it’s usually the day after such an announcement when we see a big move. The index’s minor slip of 0.10% to 25175.3 suggests that’s its not terribly bothered by the news.

The Dow wasn’t concerned with the ECB either, which announced that it would end its bond-buying program but did not hike rates.

The NASDAQ and S&P enter Friday’s session with gains for the week, but the Dow is down. We knew this was going to be a busy week…and it's not over yet. Trade could be a factor tomorrow when the White House releases a list of tariffs on Chinese products…though the list is expected to be smaller than first expected.

It was a quiet session in the portfolios with only Home Run Investor selling a stock for a double-digit profit. Read about the move and more in the highlights section below:

Today's Portfolio Highlights:

Home Run Investor: The IPO price for US Xpress was less than expected, which has Brian Bolan feeling a bit leery of the industry as a whole. The editor decided this was a good time to sell XPO Logistics (XPO), a third-party logistics provider that was added back in mid February. It brings a nice return of approximately 20% to the portfolio in just four months.

Technology Innovators: DropBox (DBX) had the best session in its history on Thursday…of course it’s only been public since late March. Nevertheless, it reached an all-time high and gave TI the best-performing stock of the day with a more than 14% advance, which was more than double the runner up. DBX offers a platform for users to store and share files, photos, videos, songs and spreadsheets. Brian Bolan picked this stock up a little over a week ago and believes it has great growth potential moving forward.

Counterstrike: "The selling we saw yesterday after the Fed was short lived. Stocks were higher today after starting in the red, showing us that everything the Fed said yesterday was pretty much expected.

"In addition to the FOMC being priced in, the tariff headline we saw late yesterday was put at ease. We don’t know for sure, but it looks like the list of tariffs is smaller than expected. Nobody I know has seen this list, but that was the rumor floating around, which gave bulls another reason to buy.

"We should see a calm summer Friday tomorrow, but that list of tariffs could be a catalyst to push markets higher or lower. The market will move depending on the length, the industry’s targeted and thelanguage used by the Trump administration. For the most part, I think the market won't care that much as the tariff news has recently been shrugged off."
-- Jeremy Mullin

All the Best,
Jim Giaquinto

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