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Stock market today, June 9, 2014: The Dow Jones Industrial Average hit another record on Monday, while the S&P 500 rose even closer to the 2,000 level. Markets are still reacting positively to last week's jobs report and expected stimulus measures by the European Central Bank.
Here's the scorecard from today's trading session:
Dow: 16,943.10, +18.82 (0.11%)
S&P 500: 1,951.27, +1.83 (0.09%)
Nasdaq: 4,333.71, +14.84 (0.34%)
And here are the top stories from the stock market today:
- Hastings' Job Is Safe: Shareholders of Netflix Inc. (Nasdaq: NFLX) voted against a resolution that would split the chairman of the board and chief executive officer positions in the company. Many shareholders have complained about the company's ability to manage corporate governance. Company Founder Reed Hastings has held both positions since the company launched in 2002.
- The Student Loan Bailout: With the United States now facing more than $1 trillion in student loan debt, U.S. President Barack Obama will issue an executive order tonight that will cap students' federal loan payments. In an effort to make it easier for Americans to repay their debts, loans can be capped at 10% of monthly income. The plan will affect 5 million borrowers and will go into effect in December 2015.
- Poisonous Planning: In an effort to prevent a hostile takeover, Family Dollar Stores Inc. (NYSE: FDO) adopted a one-year "poison pill," also known as a shareholder rights plan. The announcement comes two days after Carl Icahn officially reported that he had taken a 9.39% stake in the discount retailer. Icahn is now the company's largest shareholder and has publicly stated that he might push for a merger with its primary competitor Dollar General Corp. (NYSE: DG). Shares of Dollar General soared more than 7% on the day.
- A Frothy Ride: Shares of McDonald's Corp. (NYSE: MCD) slipped marginally on news that the company saw another month of weak sales in the U.S. markets. Despite some growth in Europe and China, sales slipped by nearly 1% in May.
- An Apple a Day: Shares of Apple Inc. (Nasdaq: AAPL) opened this morning under $100 for the first time since 2009, after the company issued a 7-for-1 stock split. The stock raised nearly 2% today on very heavy volume. This was the company's first stock split in more than nine years.
Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:
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.