Start the conversation
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.
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.