What the Stock Market Did Today, May 30, 2014: The Dow Jones Industrial Average was relatively flat, but did squeeze out a gain for a record-high close. The Standard & Poor's 500 Index also hit yet another record high today.
Here's the scorecard from today's trading session:
Earnings Updates: Shares of Infoblox Inc. (NYSE: BLOX) slipped by more than 35% on news that the automated network controller missed earnings and that its CEO Robert Thomas has announced his resignation. Meanwhile, shares of Big Lots Inc. (NYSE: BIG) soared more than 11.5% after the company reported stronger earnings than expected.
Banks Behaving Badly: Reuters reports that the Department of Justice could demand that BNP Paribas SA (OTCMKTS ADR: BNPQY) pay more than $10 billion to settle charges that the company violated economic sanctions by conducting business in Sudan and Iran. In addition to the financial settlement, regulators are looking to strip the company of some of its banking privileges in the United States. The news immediately drew concerns about the company's ability to secure enough capital and prevent customers from pulling money from the bank.
Shakeup at the Top: Shares of Caterpillar Inc. (NYSE: CAT) slipped more than 1.5% on news that its chief information officer (CIO) Randy Krotowski will resign on June 1. The company will immediately launch an external search for his replacement in the coming weeks.Despite the drawback, the stock is up more than 12% since the beginning of the year.
Emerging Market Woes: Despite voters' decision to move to a more business-friendly set of policies, India's economy is falling below expectations. Government officials announced that its economy grew at a 4.7% pace over the last fiscal year. This is below economists' expectations and is the second straight year that the company's economy fell below a 5% rate.
So Long, Mr.Spin: In a surprise appearance during the daily White House press briefing, the White House announced that press secretary Jay Carney is resigning. Josh Earnest, the current deputy press secretary, will replace Carney. The announcement drew a lot of attention away from the resignation of Department of Veterans Affairs Secretary Eric Shinseki over the current scandal plaguing the agency.
Now for some of our best investments moves to make to play the stock market today...
The Next Trillion-Dollar Mortgage Meltdown May Be Coming: The fourth securitization deal of big investor-owned single-family homes for rent is here. Is this just another Wall Street gamble that will wreck the economy again, or is this time different? You be the judge. But our trading expert Shah Gilani will tell you how to protect yourself...
This Defense Tech Play Is Scorching the Market: Many investors believe that with our presence in Iraq largely gone, defense firms will offer mediocre returns at best. But our Defense and Tech Specialist Michael Robinson is not buying into it. He says massive profit opportunities are still there. And the market and the government are lining up behind them...
Surging Cell Profits: A report by 9to5Mac's Mark Gurman suggests that Apple Inc. (Nasdaq: AAPL) may soon launch its own mobile payment service. Company executives are discussing possible integration of this service with a number of high-end retail chains. By linking directly to a user's iPhone account, companies would agree to accept payment. Find out more about Apple stock in 2014 here.
Time for a Post-Petrodollar Profit Play: The recent mega-billion gas deal between Russia and China stands to threaten the dominance of the U.S. dollar. The lesson learned from this deal is to beware of unintended consequences. That's the advice our resources expert Peter Krauth offers to Western leaders when imposing sanctions on Russia over the Ukraine crisis. But Peter also offers a way to play the petrodollar's decline over the long term...
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.