Stock market news, July 3, 2014: The Dow Jones Industrial Average today (Thursday) shattered the 17,000 barrier on news that the U.S. economy added another 288,000 jobs in June. The official unemployment rate fell to 6.1%, its lowest level since September 2008. Despite the optimism, the economy shed more than half a million full-time jobs and added the net balance through part-time work.
The market closed at 1 p.m. and will be closed Friday for the July 4 holiday.
Here's the scorecard from today's shortened trading session:
DOW: 17,068.84 + 92.60(0.54%)
NASDAQ: 4,485.92 + 28.19(0.63%)
S&P 500: 1,985.34 + 10.72(0.55%)
And here's a recap of the top stories that affected the stock market today:
- Oh No, GoPro: Shares of GoPro Inc. (Nasdaq: GPRO) slipped another 2.2%, as the stock continues to retreat from its 103% gain post-IPO. The stock is still trading at an incredibly high price-to-earnings ratio of 127.
- Bad News for Young America: On the same day that the Federal government announced that unemployment had fallen to its lowest levels in five-and-a-half years, a staggering figure has come from Georgetown University. According to an analysis of its census data, more than 40% of unemployed Americans are millennials (aged 23 to 35).
- Minimum Wage Announcement: On Thursday, German officials approved a resolution that creates the country's first national minimum wage. On Jan. 1, German workers are eligible for a minimum wage of 8.5 euros (roughly $11.60) per hour. The law allows some firms to wait two years to phase in the changes, and the law does not include anyone less than 18 years of age.
- FDA Approval Pop: Shares of Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) increased 2% on news that its cancer drug Beleodaq received approval by the U.S. Food and Drug Administration. The drug is used to treat peripheral T-cell lymphoma (PTCL), a fast-growing and rare type of non-Hodgkin lymphoma.
- Trade Deficit Declines: The U.S Department of Commerce announced that the nation's trade gap slipped 5.6% to $44.4 billion. That's a slight decline from April's deficit of $47.0 billion.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:
- The "20% Catalyst" That Will Send These Shares into the Stratosphere: In a surprise move, France said it would take a 20% stake in French engineering giant Alstom SA (OTC ADR: ALSMY). It's a complicated deal. But it could serve as an additional "catalyst" for the General Electric Co. (NYSE: GE) share-price rally we've been predicting. Here's why...
- How to Tap Big Profits in That "Other" Bioscience Niche: There's an approach to making profits in bioscience that doesn't rely on breakthrough discoveries, expensive drug trials, or constant cash infusions to fuel its engine. That's what makes the company we'll look at today such an attractive investment. Welcome to the lucrative world of generics...
- We Can Invest in Uber Before Its IPO: The biggest name in the car-sharing revolution is Uber, whose mobile cab service app is turning the taxi-for-hire model on its head, all while waiting for a much anticipated IPO. But right now there's another way to play on Uber's success and future, with a well-known company that's going to surprise you... and the profits even more...