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Dow Jones today, June 10, 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. Despite the strong uptick, U.S. futures are indicating a retreat this morning from record levels.
Here's the top news moving the Dow Jones today:
- A Tough Road Ahead: U.S. auto giant General Motors Co. (NYSE: GM) kicks off its annual shareholders meeting this morning in Detroit. The company has already enacted more than two dozen automotive recalls this year, drawing a lot of attention and criticism over the company's safety record. Numerous reports state that protestors will gather to demand answers over the company's faulty ignition switches that caused at least 13 deaths.
- The Death of Retail: Shares of Radioshack Corp. (NYSE: RSH) slipped another 9% in pre-market trading this morning after the company reported another decline in same-store sales. More consumers continued to purchase electronics online and consumer traffic slumped again, leading to the fiscal first-quarter loss. Overall, Radioshack reported a sales decline of 14%. The company has closed 22 stores this year, with 200 more closings planned for the full fiscal year.
- American Journalism Returns: Time Warner Cable Inc. (NYSE: TWC) may purchase up to a $1 billion stake in Vice Media. The deal, first reported in The New York Times, would provide Vice Media (which currently runs a show on HBO) access to the television network HLN (Headline News). The deal does face roadblocks, as Time Warner would need to buy out a 5% equity stake in Vice by 21st Century Fox (NYSE: FOXA).
- A New Home for the Russell 2000: The Financial Times reports that the London Stock Exchange Group is very close to purchasing Russell Investments for nearly $2.8 billion. The British company would significantly increase its presence in the United States by obtaining the American index compiler and asset manager.
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.