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The Dow Jones Industrial Average slid 21.97 points to finish at 16,558.87 Thursday on news that jobless claims were higher than expected and the International Monetary Fund committed $17 billion to stabilize the Ukrainian economy.
The S&P 500 was down 0.27 points to finish at 1,883.68, while the Nasdaq was up 12.90 points, closing at 4,127.45.
Here's your recap of today's major market events.
- End of an Era: It's official. Ford Motor Co. (NYSE: F) announced that its CEO Alan Mulally will step down on July 1, six months ahead of expectations. Chief Operating Officer Mark Fields will replace him. Mulally had been in the running to take the top spot at Microsoft Corp. (Nasdaq: MSFT) late last year, but pulled himself out of the running.
- Not So Fast: Despite concerns about economic sanctions, Exxon Mobil Corp. (NYSE: XOM) announced that it will still proceed with multiple projects in Russia. Exxon is the world's largest publicly traded company and has the most exposure of any American energy company in the region. The company was undeterred by statements made by Russian President Vladimir Putin on whether Russian oil giants would continue to work with Western oil and natural gas companies. Just days ago, Royal Dutch Shell Plc (NYSE ADR: RDS-A) announced it would not fund any new projects in Russia due to sanctions and concerns about geopolitics in Ukraine.
- A Huge Boost: Amid rumors that Sprint Corp. (NYSE: S) is aggressively trying to buy the company, shares of T-Mobile US Inc. (NYSE: TMUS) jumped more than 7% on Thursday after its earnings report. The company added more than 1.3 million new subscribers in the first quarter, a record for the firm.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.