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The stock market close today found the Dow Jones Industrial Average in positive territory after a late rally pushed stocks higher. The markets had been trading down through midday, as concerns over the crisis in Iraq continue to mount.
Here's the full scorecard at today's stock market close:
Dow: 16,781.01, +5.27 (0.03%)
S&P 500: 1,937.78, +1.62 (0.08%)
NASDAQ: 4,321.11, +10.45 (0.24%)
And here are the top stories from today:
- U.S. Growth Slashed Again: The International Monetary Fund (IMF) slashed its U.S. growth forecast for 2014 and said it expects the country won't reach full employment until 2017. The IMF said that it cut U.S. growth from April's figure of 2.8% to 2% after a weak first quarter and poor winter weather.
- Electric Performance: Shares of Tesla Motors Inc. (Nasdaq: TSLA) soared more than 6% after investors cheered the company's plans to share its patent portfolio. The gain pulls Tesla back into the black for the month. The company decided to reveal its patents so potential competitors acting in "good faith" can help Tesla advance electric-car technologies.
- The IPO of the Year: Chinese Internet giant Alibaba Group is planning to make its initial public offering debut this summer, and the deal could surpass Facebook Inc.'s (Nasdaq: FB) $16 billion IPO as the largest U.S. tech IPO ever. Today, the company updated its IPO filing with first-quarter financial figures, which revealed that the company tripled its net income to hit $3.71 billion. The company also announced the names of the 27-person partnership that has voting rights in the company.
- Banks Behaving Badly: U.S. regulators fined Bank of America Corp.'s (NYSE: BAC) Merrill Lynch unit $8 million and ordered a $24.4 million settlement on accusations that the company overcharged thousands of retirees and charities and failed to waive sales charges related to mutual fund products. Shares of Bank of America slid by more than 1% this afternoon.
- The Fed Kicks Off Tomorrow: The fourth Federal Open Market Committee meeting of 2014 begins tomorrow morning. The Federal Reserve will announce its latest decision on interest rates on Wednesday, and the central bank is also expected to continue the taper of its quantitative easing program by another $10 billion. This is the first meeting with new Federal Reserve Vice Chairman Stanley Fischer.
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.