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.
Wallet Free: According to Bankrate.com, the United States is moving toward a cashless society at a faster rate than previously expected. Nearly one in 10 Americans no longer carry cash each day, according to the company's report.
Privacy Problems: European courts want to provide their citizens with greater control of personal data. A European court this morning ruled that Google Inc. (Nasdaq: GOOG) must alter its search results at the request of non-public figures to remove outdated or irrelevant information.
Eastern Expansion: Although the social media company remains censored in China, Facebook Inc.(Nasdaq: FB) is moving to open its first sales office in the Eastern nation. The company is working to establish itself with local advertisers, according to Bloomberg. Facebook is looking to lease office space in Beijing's Fortune Financial Center, right in the heart of the city's business district.
Earnings Reports: Stay tuned for earnings reports from Encana Corp. (NYSE: ECA), Fossil Group (Nasdaq: FOSL), Insys Therapeutics(Nasdaq: INSY), Resolute Energy (NYSE: REN), Armada Hoffler Properties(NYSE: AHH), Idera Pharmaceuticals (Nasdaq: IDRA).
Note: The Fed's 2014 taper means volatility ahead. So we've outlined how to find profits in a volatile market - like triple-digit gains in just days - if you start with this strategy...
Full U.S. Economic Calendar May 13, 2014
Atlanta Federal Reserve Bank President Dennis Lockhart spoke at 12:30 a.m.
NFIB Small Business Optimism Index at 7:30 a.m.
ICSC-Goldman Store Sales at 7:45 a.m.
Retail Sales at 8:30 a.m.
Import and Export Prices at 8:30 a.m.
Redbook at 8:55 a.m.
Business Inventories at 10 a.m.
Richmond Federal Reserve Bank President Jeffrey Lacker speaks at 10:30 a.m.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.