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Stock market today, July 2, 2014: The Dow Jones Industrial Average 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.
Investors will be paying attention to Federal Reserve Chairwoman Janet Yellen's lecture today at the International Monetary Fund's headquarters. After her talk, she will join IMF Managing Director Christine Lagarde in a sit-down interview.
Here's the rest of the news that will be moving the stock market today:
- Pain at the Pump: Anyone getting ready to hit the road for the Fourth of the July holiday is going to experience sticker shock when they fill up the tank. Gas prices have hit a six-year high. According to a report by AAA, American drivers are facing the highest prices since 2008, with the average gallon of unleaded gasoline striking $3.68.
- Get Well: Chief executive officer of JPMorgan Chase & Co. (NYSE: JPM) Jamie Dimon announced in a memo to shareholders and employees that he has been diagnosed with throat cancer. Dimon said that the disease is treatable and that he will remain at the helm, making leadership decisions for the banking institution while he undergoes treatment.
- Today's Economic Calendar: Today's schedule includes a speech by Federal Reserve Chairwoman Janet Yellen, the Challenger Job-Cut Report, the ADP Employment Report, and the EIA Petroleum Status Report.
- Merger Mania: Reuters reports that Roche Holding AG will purchase Seragon Pharmaceuticals for up to $1.725 billion. Seragon is a privately held cancer treatment biotech firm that spun off from Aragon Pharmaceuticals in 2013, after its parent company was purchased by Johnson & Johnson (NYSE JNJ). The deal bolsters Roche's strong position as the world's largest manufacturer of cancer drugs.
- Slow Down: Shares of GoPro Inc. (Nasdaq: GPRO) slid by 4.28% in pre-market hours. This signals the first possible setback for the stock today, after it gained nearly 103% in its first four days of public trading since its IPO last week. This morning, CBOE Holdings Inc. (Nasdaq: CBOE) announced plans to list options on GoPro stock for trading for the first time on Monday, July 7, 2014. Following GPRO's wild first-week success, here's how Money Morning's Defense and Tech Specialist Michael A. Robinson would play the stock…
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.