Financial news today, May 13, 2014: The Dow Jones Industrial Average closed at an all-time record on Monday as shares of small-cap and technology stocks rebounded from recent losses.
Here are the top news stories moving the stock market today:
- Oil Rises, Euro Slides: The price of Brent crude rose Tuesday while the Euro slid after Germany's central bank, Bundesbank, announced willingness to ease monetary policy in the euro zone. The announcement is a few weeks ahead of the European Central Bank's policy meeting in which ECB President Mario Draghi will likely announce further easing across the continent.
- The New Cable Giant: According to Reuters, AT&T Inc. (NYSE: T) may purchase satellite TV provider DirecTV (Nasdaq: DTV) within the next two weeks. The deal is expected to total at least $50 billion and would be a split of stock and cash. It is expected that the merger between AT&T and DirecTV would form a pay television giant that rivals the size of Comcast Corp. (Nasdaq: CMCSA) after its looming purchase of Time Warner Cable Inc. (NYSE: TWC).
- Today's Economic Calendar: It's another relatively quiet day, with retail figures coming in during the early hours, and Richmond Federal Reserve Bank President Jeffrey Lacker speaking before lunch.
- Bitcoin Bonanza: This is a big shot in the arm for Bitcoin. Yahoo Inc.(Nasdaq: YHOO) co-founder Jerry Yang and Virgin Group Chairman Richard Branson are headlining an investment group that has pumped nearly $30 million into Bitpay, a processing company of the digital currency. The investment values the company at $160 million, making it the largest venture-capital investment in the cryptocurrency's history.
- Crisis Reflections: Former Treasury Secretary Timothy Geithner released his controversial memoir of the global financial crisis, titled "Stress Test." Geithner has already been accused of lying by a former Mitt Romney adviser over suggestions that the adviser advocated for higher taxes. Geithner also criticizes Democratic Senator Elizabeth Warner in the book.