Dow Jones Today to Ride High on Positive Economic Data

Dow Jones today, May 28, 2014: The Dow Jones today (Wednesday) will likely continue to benefit from positive economic data, including growing consumer confidence and expansion in the U.S. service sector.

Tuesday saw the Dow close up nearly 70 points, while the S&P 500 hit a new record.

Here are the top stories affecting the Dow Jones today and other U.S. markets:

• The Golden Age Begins: It comes without brakes. It comes without gas pedals. It comes without a steering wheel. But Google Inc.'s (Nasdaq: GOOG) electric-powered car has been developed. The automobile travels at 25 mph and has a stop-and-go button. The company announced plans to have at least 100 of the two-seat cars on the road for testing next year, although there are no future plans to sell the car to the public.
• Another Energy Deal: While Sen. Harry Reid berates the Koch brothers over their politics, their companies are growing. Koch Industries Inc. subsidiary Flint Hills Resources has purchased PetroLogistics LP (NYSE: PDH) for $2.1 billion in cash. The company is a manufacturer of propylene. Shares of PetroLogistics were up nearly 10% in premarket trading this morning.
• Problems Emerge: The National Highway Traffic Safety Administration has demanded that General Motors Co. (NYSE: GE) disclose how it tabulated the number of deaths caused by its faulty ignition switches. The auto company has said that 13 people have perished due to the defect. However, the NHTSA believes that more will emerge. "We believe it's likely that more than 13 lives were lost," said the current agency administrator yesterday. "GM knew about the safety defect, but did not act to protect Americans from that defect until this year.
• Today's Economic Calendar: A light schedule features the weekly ICSC-Goldman Store Sales Index, which measures retail performance, and the Redbook, which compares sales at chain stores, discounters, and department stores.
• Bad News for Zuck: An Iranian judge has ordered Facebook Inc. (Nasdaq: FB) CEO Mark Zuckerberg to appear in court over privacy concerns stemming from the company's applications Instagram and Whatsapp. The judge mandated the applications blocked, and that Zuckerberg must answer questions about privacy. Of course, Zuckerberg is extremely unlikely to comply, as the U.S. and Iran lack an extradition treaty.

• More Bad News for Zuck: The Wall Street Journal reports that Facebook is facing an antitrust review over its $19 billion purchase of WhatsApp. The company requested that the European Commission, which regulates antitrust matters, to rule on the deal and begin its review. The February deal was the largest acquisition of any startup in the last few years.
• The Mega Energy Deal: On Tuesday, Allergan Inc. (NYSE: AGN) offered its case to shareholders that the $47 billion takeover bid led by activist investor Bill Ackman didn't match the value of the firm. Allergan asked its shareholders to reject the bid from Valeant Pharmaceuticals International (NYSE: VRX). Following the shareholder push, Valeant raised the cash portion of the offer by $10 to $58.30 a share.
• What's Another Six Million: In order to finance future acquisitions and add new capital, 3D Systems Corp. (NYSE: DDD) announced a second offering of nearly 6 million new shares. The stock slid by more than 3.5% in premarket trading.
• Pimco's Woes: In its latest management change since Mohamed El-Erian's departure, Pimco rehired former portfolio manager Paul McCulley. McCulley was once the company's leading analyst on U.S. fiscal and monetary policy. He will now report to founder and Chairman Bill Gross and will assume the title of chief economist, a newly formed role.
• Earnings Reports: Stay tuned for earnings reports from Brown Shoe Company Inc. (NYSE: BWS), Cracker Barrel Old Country Store Inc. (Nasdaq: CBRL), Golar LNG Ltd. (Nasdaq: GLNG), DSW Inc. (NYSE: DSW), Toll Brothers Inc. (NYSE: TOL), Michael Kors Holdings Limited (Nasdaq: KORS), Seadrill Limited (Nasdaq: SDRL), and Chico's FAS Inc. (NYSE: CHS).

Full U.S. Economic Calendar May 28, 2014 (NYSE: all times EDT)

• MBA Purchase Applications at 7 a.m.
• ICSC-Goldman Store Sales at 7:45 a.m.
• Redbook at 8:55 a.m.
• 4-Week Bill Auction at 11:30 a.m.
• 52-Week Bill Auction at 11:30 a.m.
• 2-Yr FRN Auction at 1 p.m.
• 5-Yr Note Auction at 1 p.m.

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