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The Dow Jones Industrial Average slumped 0.78% to close at 16,401.02 on Tuesday on news that Ukraine casualties continued to rise. Adding to the decline was the Organization for Economic Cooperation and Development's (OECD) decision to slash its 2014 global growth forecast from 3.6% to 3.4%.
The S&P 500 finished down 0.90% to close at 1,867.72 points. The Nasdaq Composite also finished down, closing at 4,080.76 points for a 1.38% loss.
Here's your recap of today's major market events.
- Twitter Plunges: Shares of Twitter Inc. (Nasdaq: TWTR) crashed to close at 17.75% on the first day its IPO lockout expired. Tuesday marked 180 days since the shares first became public, allowing insiders to sell shares for the first time. Many of the company's top executive and top institutional investors agreed not to sell immediately. However, that support couldn't stave off the steep downturn in share prices. The stock has fallen 49.88% year to date.
- Hillary 2016: It certainly looks like blue-chip companies have already selected its candidate for 2016. According to Bloomberg, 29 of the 30 Dow Jones Industrial Average Index companies have financially supported projects branded by former U.S. President Bill Clinton, and Hillary and Chelsea Clinton. Bloomberg based its analysis on reports from the Clinton Foundation and the U.S. State Department.
- Holding the Reins: Although Merck & Co. (NYSE: MRK) sold its consumer retail business for $14.2 billion this morning, the company's CEO says it will likely hold on to its animal health business. Kenneth Frazier has resisted calls from Wall Street to unload the animal health division and told Forbes that he'd prefer to bulk up the business. Specifically, Frazier cited strong growth prospects, an improved product pipeline, and favorable macroeconomic outlooks around the globe. Animal health is a $22 billion industry that few investors take the time to learn about.
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.