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After hitting record highs, today was not so good. Here are the closing numbers:
DOW: 16,613.97, -0.6%
S&P 500: 1,888.52, -0.5%
NASDAQ: 4,100.63, -0.7%
The Dow Jones today slumped from record highs on concerns of rising inflation. Producer prices increased 0.6% in April, the largest increase since September 2012. Economists had predicted a rise of just 0.2%.
Here are the top stories moving the Dow Jones today:
- Banks Behaving Badly: Reuters reports that Citigroup Inc. (NYSE: C) has fired 11 more employees, including four senior executives, over a $400 million oil fraud scandal that rocked its Mexico unit, Banamex. The firings include the division's two business heads. Citi's CEO released an internal memo this morning that explained how these executives failed to prevent bogus loans and stop rampant fraud in the oil loan scheme.
- The Bottom Is Near: Shares of Sony Corp. (NYSE ADR: SNE) slumped by more than 7%, after the company announced it will likely report a second consecutive net loss for this fiscal year. The company underwent a massive restructuring earlier this year in an effort to contain large debts and to shed unprofitable business divisions.
- Tax Consequences: Senator Rob Portman (R-OH) voiced serious concerns over Pfizer Inc.'s (NYSE: PFE) possible takeover of AstraZeneca Plc (NYSE ADR: AZN). Portman and a number of other Congressmen have shared outrage over U.S. companies leaving the nation's shores for tax reasons. Find out more about the AstraZeneca deal – and its effect on PFE stock – here.
- Back on Sale: If you missed out last time on your chance to purchaseGoogle's (Nasdaq: GOOG, GOOGL) wearable technology, there's good news. The company announced it will expand its beta Explorer Program for Google Glass. Users can purchase Glass for $1,500, months ahead of the firm's larger rollout at the end of 2014. For those more interested in Google's stock than its Glass, this is for you…
- Battery Problems: Shares of Plug Power Inc. (Nasdaq: PLUG) slumped by more than 8% after the company reported poor earnings. The downturn also impacted other companies in the battery markets, including FuelCell Energy Inc. (Nasdaq: FCEL) and Ballard Power Systems Inc. (Nasdaq: BLDP). Plug Power, a fuel-cell technology provider, was the Nasdaq's top performer last year.
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.