Movers & Shakers: July 12, 2019

By StocksFOXBusiness

Dow crosses above 27,000 mark for the first time

Phil Flynn of The Price Futures Group and Neuberger Berman senior research analyst Daniel Flax react to the recent market rally.

Stocks continue to surge to new records. The Dow and S&P 500 each hit new intraday highs at the open of the market on Friday. Stocks have been on a surge since Federal Reserve Chairman Jerome Powell hinted earlier in the week that the central bank would move forward with a cut to interest rates due to trade uncertainty. The Trump administration's decision to abandon a drug pricing proposal to eliminate rebates in federal health programs also helped push the Dow Jones Industrial Average above 27,000 for the first time on Thursday, while the S&P 500 also closed at a record high.

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President Trump continued his tirade against social media firms. At a summit on Thursday that lacked representation from top firms like Facebook and Twitter, Trump again slammed the Silicon Valley companies for alleged bias against conservatives. Trump previously suggested the U.S. should sue those firms and that Google was working to rig the 2020 elections for Democrats, a charge the tech behemoth denied.

Ford Motor Co. and Volkswagen are deepening their alliance to produce electric and self-driving cars. Top executives from Ford and Volkswagen will hold a press conference on Friday to announce the updates to a joint venture initially launched in January. The partnership initially focused on commercial vans and trucks and will now reportedly include a $2.6 billion investment in Argo AI, Ford's partner in developing autonomous technology.

Top Boeing executive resigns due to Max jet grounding. Eric Lindblad, a 34-year veteran of the Chicago-based manufacturer and head of its 737 program, will leave Boeing after nearly a year on the job, according to a memo obtained by Reuters. Mark Jenks, who leads Boeing's potential new mid-market plane, will take-over. The Max jet has been out-of-service since March following a second fatal crash. The company is working with U.S. and international regulators to obtain approval for a software patch to return the jet to flight.

Attorneys for Jeffrey Epstein are seeking a $77 million bail proposal. As the arrest of the hedge fund millionaire for alleged child sex trafficking continues to ripple through the business, entertainment and political worlds, attorneys for Epstein are asking a judge to release him to home detention in a bail package valued at $77 million. Under the tentative agreement, Epstein's private jet and Manhattan mansion would be used as collateral.

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