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Dow Jones Industrial Average Today, July 1, 2014: The Dow Jones flirted within two points of 17,000 on Tuesday, as transportation, technology, and small-cap stocks surged. The Dow and the S&P 500 both hit record highs again.
Here's the scorecard from today's trading session:
Dow: 16,956.07, +129.47 (+0.77%)
S&P 500: 1,973.32, +13.09 (+0.67%)
Nasdaq: 4,458.65, +50.47 (1.14%)
The Nasdaq's gains were fueled by Netflix Inc.'s (Nasdaq: NFLX) gain of 6.5% after it received an upgrade from Goldman Sachs' analysts.
And here are the top stories that moved the Dow Jones Industrial Average today:
- You're Hired: Shares of Twitter Inc. (Nasdaq: TWTR) jumped more than 4% on news that the company hired former Goldman Sachs (NYSE: GS) executive Anthony Noto as chief financial officer (CFO). Noto is quite familiar with Twitter's finances, as he helped lead Twitter's IPO last year. Here's why this management move is great news for Twitter shareholders.
- The IPO of the Year: The New York Stock Exchange announced plans to test its software weeks ahead of Alibaba Group Holding's initial public offering later this summer. The exchange told traders today that it plans to allow testing on July 12. Given exchange problems for Nasdaq during the IPO of Facebook Inc. (Nasdaq: FB), the exchange wants to ensure it can avoid a similar fate for what is expected to be the largest tech IPO in market history.
- Go Go, GoPro: Shares of camera manufacturer GoPro Inc. (Nasdaq: GPRO) jumped another 16% on Tuesday, marking the fourth consecutive double-digit gain for the stock. GoPro is now up nearly 100% since its IPO last Thursday. Following GPRO's wild first week success, here's how Money Morning's Defense and Tech Specialist Michael Robinson would play the stock...
- A Nice Surprise: Shares of General Motors Co. (NYSE: GM) are up a little more than 2.5% after the company posted a surprising gain in U.S. unit sales. General Motors announced that sales increased 1% in June, beating market forecasts of a 6.3% drop. The announcement follows yet another recall of 8.1 million automobiles yesterday. So far this year, GM has recalled nearly 30 million vehicles in North America. But GM stock holders should watch what's next...
- A Line in the Sand: The battle over American Apparel Inc. (NYSE: APP) is heating up. On Tuesday, Chief Executive Dov Charney announced he had upped his share in company ownership from 27% to nearly 43%. Last week, Charney spent nearly $20 million to increase his position in the company. The board of directors is in a battle with Charney, who was recently removed as Chairman.
- USA, USA, USA: The United States men's soccer team will face Belgium this afternoon at 4 p.m., and the U.S. economy will suffer as a result. Yahoo! Finance estimates that the nation will lose roughly $682 million in worker productivity. However, given that the match is after market closing, the impact on shares will be muted. Last week, when the United States played Germany in the group stage, trading volumes slipped on domestic markets by 25%.
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.