At today's closing bell, the Dow Jones Industrial Average rose 91.19 points to finish at 16,367.88. The Nasdaq increased 7.88 points to finish at 4,234.27, while the S&P 500 hit an intraday all-time high before falling to close at 1,865.62.
Here's a recap of other major events today:
- A New IRS Ruling: After much deliberation, the Internal Revenue Service released a formal notice that it can and will tax Bitcoin transactions. But there's a catch. The IRS said that Bitcoin is a property and not a currency. While this is tepid news for Bitcoin, it suggests that the U.S. government is taking the electronic crypto-money seriously as its popularity increases. The IRS said that payments worth a minimum $600 in bitcoins now face the same taxes as property transactions. The IRS explained its decision, citing the fact that Bitcoin "does not have legal tender status in any jurisdiction," and thus cannot be considered a currency. For all recent bitcoin news, go here.
- A Big Hiring: The likely successor to CEO Jamie Dimon at JPMorgan Chase & Co. (NYSE: JPM) is defecting to a private equity firm. Michael Cavanagh, the co-head of JPMorgan's corporate and investment bank, will become the co-president and co-chief operating officer of Carlyle Group. Reuters reports this move is "evidence of the increasing prominence of alternative asset managers and the shadow banking sector." Cavanagh had worked for Dimon for more than 20 years. They worked together at Smith Barney, and Cavanagh followed the CEO to Bank One Corp. after Dimon was famously fired by Sandy Weill.
- Graduate School Debt Hurts: The student loan crisis continues to be a major drag on the U.S. economy. According to the Federal Reserve Bank of New York, outstanding loan debts hit $1.08 trillion at the end of 2013, with a $114 billion increase for the year alone. And according to a study released today by the New America Foundation, the surge is being driven by graduate students looking to improve their economic situation. The foundation's data states that between 2004 and 2012, graduate school debt surged an inflation-adjusted 70%, with more students than ever now facing triple-digit loan obligations. More student loan debt news here...
- Full Power Ahead: Shares of fuel cell systems supplier Plug Power Inc. (Nasdaq: PLUG) soared on Tuesday by more than 30% on news it would announce a major deal with a key automaker in April. Company CEO Andy Marsh did not elaborate on the deal in a conversation with MarketWatch. For the last week, rumors had spread that the company had reached an agreement with German-based Volkswagen AG. However, Volkswagen denied any knowledge of a possible deal between the two companies. PLUG stock has been on fire this year for these reasons...
- The Google Glass Makeover: On Tuesday, details emerged on the deal between Google Inc. (Nasdaq: GOOG) and Luxottica to design and manufacture frames for Google Glass eyewear. The partnership will develop high-end fashion for Google Glass through brands Oliver Peoples, Ray-Ban, Oakley, and Vogue Eyewear. The goal is to provide fashionable alternatives to consumers who have been reluctant to wear the nerdy Google Glass. The deal is also yet another example of the Silicon Valley giant's goal to push wearable technologies into the markets.
Note: The Fed's 2014 taper means volatility ahead. So we've outlined how to find profits in a volatile market - like triple-digit gains in just days - if you start with this strategy...
Tuesday's Top Three Profit Opportunities
- Penny Stock Riches: Investors who bought in on the top penny stocks last week brought home windfalls as high as 129% in just days. Here is a list of the top performers from last week, all of which still have plenty of room to run in the weeks ahead...
- Profit from the End of This Secret "Fix": For nearly 100 years, the London gold price fix has been widely used as an industry benchmark. But recent rumors of benchmark manipulation have suppressed gold prices for a decade. That means, very soon, the price could spike to incredible levels, and you'll need to make this play before it does...
- Invest Now in These IPOS Before Anyone Else: High-tech IPOs are white hot right now, but the temperature rises even higher for investors with an inside view. And that's what Michael Robinson is sharing today with a way you can capture the riches of the boom about to hit global investors.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.