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The Dow Jones Industrial Average today jumped after new home sales surged in the United States to a three-and-a-half-year high.
Here's the scorecard from today's trading session:
DOW: 16,606.27; +0.38%
S&P 500: 1,900.53; +0.45%
NASDAQ: 4,185.81; +0.76%
Now for today's top stock market news:
- Home Sales Soar: In April, new single-family home sales increased more than expected. U.S. Commerce Department data showed a 6.4% increase in home sales, ending two consecutive monthly declines. Despite the declines, home sales are up 15.2% from a year ago.
- Cut Jobs, Stock Rises: Shares of Hewlett-Packard Co. (NYSE: HPQ) surged more than 6.5% on news that the company would soon cut up to 16,000 more jobs. The move could potentially improve the company's profit margins.
- Earnings Reports: Shares of GameStop Corp. (NYSE: GME) were up more than 5% today after the videogame retailer beat Wall Street estimates by $0.02 at $0.59 per share. Meanwhile, Foot Locker (NYSE: FL) rose on strong earnings estimates. The company reported that same-store quarterly sales jumped more than anticipated.
- Here Comes Project Tango: Three-dimensional technology is coming to tablets. This week, Google Inc. (Nasdaq: GOOG, GOOGL) announced Project Tango, a plan to create new tablets with innovative visual capabilities. Starting in June, Google will produce 4,000 prototypes. ZDNet reports that the devices will feature seven-inch screens, two back cameras, infrared depth sensors, and proprietary software that can capture 3D images.
- Stake Your Claim to $70 Billion of Global Growth: Political volatility across the globe is making some investors jittery about investing in emerging markets. But for investors who know what they're holding, these emerging markets still hold outsize profit potential. And taking your share of this growth has never been easier, thanks to these special securities…
- Junk Bonds: Fitch Ratings increased Greece's sovereign debt rating from B-minus to B, a sign that the country has improved its financial projections and outlook. However, there are two primary concerns investors should consider. First, a B level is still junk status. Second, the nation has a very important parliamentary election this Sunday. Should one coalition fail to achieve more than 50% of the vote, increased geopolitical tension could grip the nation.
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.