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Fresh Highs for S&P and Dow Jones Today, GoPro Dives 16%, Plus These Top Stories

Stock market news, July 2, 2014: Both the S&P 500 and the Dow Jones today (Wednesday) were able to just barely finish with record highs. The Nasdaq was mostly flat but finished slightly down.

Here's the scorecard from today's trading session:

DOW: 16,976.24 (+0.12%)
S&P 500: 1,974.61 (+0.07%)
NASDAQ: 4,457.73 (-0.02%)

This morning, ADP data hinted that private-sector employment increased by 281,000 jobs in June, crushing street expectations of 205,000. U.S. Federal Reserve Chairwoman Janet Yellen met with the IMF's Christine Lagarde today and had a "stay-the-course" tone, according to MarketWatch.

Due to the Fourth of July holiday on Friday, the official employment report for June will be released tomorrow morning at 8:30 a.m.

Here are the top stories in stock market news today:

  • Oh No, GoPro: Shares of camera manufacturer GoPro Inc. (Nasdaq: GPRO) slipped by as much as 16% today, breaking the streak of four consecutive double-digit daily gains. Though the stock jumped more than 100% since its IPO last week, Money Morning Defense & Tech Specialist Michael A. Robinson advised viewers to wait it out before they decide to get in on GoPro on a FOX Business interview on Tuesday. The Wall Street Journalreports the recent run-up in stock price is due to the fact that the utilization level, defined as "the percentage of shares available to loan that are actually being borrowed," has approached 100%. This signals that short sellers are lining up to borrow the stock and pay a premium to do so as they hope to win big from the stock's decline.
  • bitcoin market

  • Online Expectations: In an effort to boost its online retail strategy, The Kroger Co. (NYSE: KR) has purchased online grocery and nutrition products retailer Inc. (Nasdaq: VITC) for nearly $280 million. Shares of Kroger, the nation's largest supermarket retailer, dipped marginally on the news, while Vitacost shares jumped more than 27% in today's session.
  • For Sale: Shares of Shutterfly Inc. (Nasdaq: SFLY) soared more than 13% on news that the company has commissioned boutique investment bank Qatalyst Partners to locate potential buyers. No potential buyers for the provider of digital photo services and storage have been identified yet.
  • There Goes Pimco: For the 14th consecutive month, Bill Gross' Pimco Total Return Fund experienced another period of outflows. Investors withdrew $4.5 billion from the fund in June, according to investment research firm Morningstar. Since March 2013, investors have yanked $229 billion from Gross' management.
  • Bitcoin Spikes: The price of Bitcoin jumped on news that venture capitalist Tim Draper won the U.S. Marshals Service's auction of nearly 30,000 bitcoins that were seized during a raid of black-market site Silk Road. Draper was one of 45 registered bidders to take part in a 12-hour auction.

Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:

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