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Stock market today, May 29, 2014: Today's (Thursday) stock market close landed in positive territory, despite a U.S. gross domestic product (GDP) report that was weaker than anticipated. Additionally, the Labor Department reported today that the number of initial jobless claims dropped lower by more than was expected.
Here's the scorecard from this session:
Dow: 16,698.42, +0.39%
S&P 500: 1,920.03, +0.54%
Nasdaq: 4,247.95, +0.54%
And here are the top stories in the stock market today…
Top News in the Stock Market Today
- Blame It on the Weather: The U.S. economy slid into the negative over the first three months of the year. GDP slipped by 1%, with government officials blaming winter weather for the market retraction. This was the first downturn in three years. The government projects stronger growth in the second quarter. Should the United States slump into the negative again it would officially be in a recession, which is defined by consecutive quarterly economic contractions.
- This IPO Powers Profits: Shares of SunEdison Inc. (Nasdaq: SUNE) soared by more than 9% on news that its subsidiary TerraForm Power has filed for an initial public offering (IPO). The company will own and operate clean-power plants in solar and natural gas.
- False Advertising: The U.S. Department of Transportation has fined Southwest Airlines (NYSE: LUV) $200,000 for violating federal full fare advertising laws. According to the agency, Southwest advertised inexpensive routes for as little as $59; however, the seats didn't exist in the system and consumers were unable to obtain these prices.
- Surging Cell Profits: International Data Corp. projects a steep rise in smartphone shipments around worldwide in 2014. The market research company foresees a 23% increase in shipments over last year, bumping total shipments to 1.2 billion. The company expects strong growth in the category through 2018, particularly to emerging markets like Russia, India, and Indonesia.
- A Real Game of Chicken: Tyson Foods Inc. (NYSE: TSN) surprisingly jumped into the mix to purchase Hillshire Brands Co. (NYSE: HSH). Tyson has offered $6.8 billion, or $50 per share, for Hillshire, which manufactures Ball Park hot dogs and Jimmy Dean sausage. The offer comes just days after rival Pilgrim's Pride Corp. (NYSE: PPC) offered $45 a share, or $6.4 billion.