Top stock market news, June 19, 2014: The stock market today (Thursday) closed with mixed results. The Nasdaq slipped, while the Dow Jones Industrial Average gained and the S&P 500 finished for its 21st record high so far in 2014. A decline in jobless claims and growing optimism about the Federal Reserve's forward guidance on interest rates were among the news affecting the market climate.
Here's the scorecard from today's trading session:
And here are the top stories in economic news today:
Retail Struggles Continue: Shares of Rite Aid Corp. (NYSE: RAD) slumped nearly 4% on news that first-quarter profits slipped by 54%. The company cited higher drug costs that offset an increase in filled prescriptions. Meanwhile, shares of Pier 1 ImportsInc. (NYSE: PIR) dropped by 13% today after the company reduced its 2014 outlook and revealed a slump in first-quarter earnings. Finally, shares of Coach Inc. (NYSE: COH) fell by nearly 10% after the luxury-goods dealer reduced its sales outlook for the coming fiscal year. Coach announced plans to close 70 underperforming stores this year.
Economic Data Review: The Philadelphia Fed's manufacturing index hit a nine-month high of 17.8 in June from 15.4 the previous month. Meanwhile, initial weekly jobless claims slipped by 6,000 to 312,000.
Insider Dealing on Capitol Hill: The Wall Street Journal reports that U.S federal prosecutors are collecting evidence suggesting that congressional staff members may have tipped off Wall Street traders on changes in U.S. healthcare policy. The U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice are gathering records from the House Committee on Ways and Means. This is the first investigation into insider trading among Congress and its staff in a decade.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:
Let's Double Our Money... with a Little Help from the Greatest Analyst Who Never Lived: Money Morning Executive Editor William Patalon III is a big Sherlock Holmes fan. That doesn't surprise us at all; Patalon is a keen analyst himself, and his own sleuthing has led us to some spectacular profits. Take, for example, these plays in the software industry poised to soar...
This Metal Problem Could Ignite China's Smoldering Crisis: Concerns of China's growth moderating and housing prices dropping 5% this year aside, this might be the real reason for renewed easing: Recent reports indicate that copper and aluminum used as loan collateral may have been rehypothecated or, worse, may never have existed at all.
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.