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The Dow Jones Industrial Average soared to a new intraday record today (Monday) as shares of small-cap and technology stocks rebounded from their recent losses. Caterpillar Inc. (NYSE: CAT) continues to drive the exchange higher, as it is the only stock on the Dow that is up double digits this year.
Here are the closing numbers:
DOW: 16,695.47, +0.68%
S&P 500: 1,896.65, +0.97%
NASDAQ: 4,143.86, +1.77%
Now here are the top stories from today's trading:
- Not Going Away Quietly: Although Allergan Inc. (NYSE: AGN) announced it will not accept a takeover bid from Valeant Pharmaceuticals International Inc. (NYSE: VRX), activist investor Bill Ackman isn't finished his crusade. Ackman has now requested the full list of Allergan's shareholders and plans to "communicate with fellow stockholders of the company." The end goal is to have shareholders in the manufacturer of Botox apply pressure on the board and ensure a takeover in the near future. In case you missed it, here's the Allergan deal back story.
- A New Russian Wrinkle: Russian energy giant Gazprom announced it might halt natural gas shipments to Ukraine by June 3. The warning comes after Ukraine has failed to pay its debts to the company. The halting of natural gas supplies could impact at least 18 countries in Europe, which rely on Russia natural gas to fuel their economies. The announcement is the latest form of saber rattling in a region that continues to grow more unstable. That's why our energy expert Dr. Kent Moors warned Money Morning Members earlier this year about the energy stocks most at risk in the Ukraine crisis.
- Going Away for a While: U.S. prosecutors urged a federal judge to sentence Michael Steinberg, a portfolio manager at Steven A. Cohen's SAC Capital Advisors, up to 6.5 years in prison for insider trading. The conviction is a significant black eye for Cohen's group, though no charges have been filed on anyone higher up in the organization.
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.