Stock Market Close Today Sees Another Record High for the Dow Jones

stock market today

Stock market today, June 5, 2014: Today's (Thursday) stock market close was in positive territory and the Dow Jones Industrial Average reached a record high again after the European Central Bank announced plans to cut interest rates and possibly consider stimulus efforts. The ECB slashed its main refinancing rate to a historic low from 0.25% to 0.15%. It also cut its deposit rate to -0.1%.

Here's the scorecard from today's trading session:

DOW: 16,836.11, +0.59%
S&P 500: 1,940.46, +0.65%
NASDAQ: 4,296.23, +1.05%

And here are the top stories from today:

  • What's in the Box: Yesterday afternoon Inc. (Nasdaq: AMZN) took to Twitter to send invitations to a special event on June 18. Reports are saying that this is the day that Amazon will release its "Holy Grail" of technology. It's not clear whether this will be the day that Amazon officially unveils its own smartphone or if the company has developed some other technology that is going to set it apart from its rivals.
  • You're Fired: It was just a matter of time. General Motors Co. (NYSE: GE) Chief Executive Mary Barra has fired 15 employees and disciplined five others over the current ignition switch scandal plaguing the company. Following a report from former U.S. Attorney Anton Valukas, Barra made the decision on evidence that the defective ignition switch led to numerous accidents and at least 13 deaths.
  • It's in the Bag: Multiple outlets are reporting that Sprint Corp. (NYSE: S) and T-Mobile US Inc. (NYSE: TMUS) have formally agreed to a deal. The merger would see Sprint purchase T-Mobile for about $32 billion, or $40 a share. The nation's third- and fourth-largest carriers would combine forces to take on AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ). And for investors looking to profit, Money Morning's Chief Investment Strategist Keith Fitz-Gerald has found a hidden profit play from this deal.
  • That Went Poorly: Shares of Rite Aid Corp. (NYSE: RAD) slumped more than 7% on news that the company missed earnings expectations in the wake of rising drug costs. The company also slashed its earnings guidance for 2014 to a range of $0.30 to $0.40 per share from its previous projections of $0.31 to $0.42.
  • Deal in the Stream: The streaming industry continues to see huge growth. The Financial Times reports that Twitter Inc. (Nasdaq: TWTR) is now deep in discussions to purchase SoundCloud. Terms of the deal are unclear, but the microblogging company can expect to pay a premium after Apple Inc. (Nasdaq: AAPL) recently shocked the industry by purchasing headphone and audio-streaming company Beats for $3 billion.

Now: Our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:

  • 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 Shah Gilani will tell you where he stands... and more important, how to protect yourself...

About the Author

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.

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