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Stock market news, July 3, 2014: The Dow Jones Industrial Average today (Thursday) shattered the 17,000 barrier on news that the U.S. economy added another 288,000 jobs in June. The official unemployment rate fell to 6.1%, its lowest level since September 2008. Despite the optimism, the economy shed more than half a million full-time jobs and added the net balance through part-time work.
The market closed at 1 p.m. and will be closed Friday for the July 4 holiday.
Here's the scorecard from today's shortened trading session:
DOW: 17,068.84 + 92.60(0.54%)
NASDAQ: 4,485.92 + 28.19(0.63%)
S&P 500: 1,985.34 + 10.72(0.55%)
And here's a recap of the top stories that affected the stock market today:
- Oh No, GoPro: Shares of GoPro Inc. (Nasdaq: GPRO) slipped another 2.2%, as the stock continues to retreat from its 103% gain post-IPO. The stock is still trading at an incredibly high price-to-earnings ratio of 127.
- Bad News for Young America: On the same day that the Federal government announced that unemployment had fallen to its lowest levels in five-and-a-half years, a staggering figure has come from Georgetown University. According to an analysis of its census data, more than 40% of unemployed Americans are millennials (aged 23 to 35).
- Minimum Wage Announcement: On Thursday, German officials approved a resolution that creates the country's first national minimum wage. On Jan. 1, German workers are eligible for a minimum wage of 8.5 euros (roughly $11.60) per hour. The law allows some firms to wait two years to phase in the changes, and the law does not include anyone less than 18 years of age.
- FDA Approval Pop: Shares of Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) increased 2% on news that its cancer drug Beleodaq received approval by the U.S. Food and Drug Administration. The drug is used to treat peripheral T-cell lymphoma (PTCL), a fast-growing and rare type of non-Hodgkin lymphoma.
- Trade Deficit Declines: The U.S Department of Commerce announced that the nation's trade gap slipped 5.6% to $44.4 billion. That's a slight decline from April's deficit of $47.0 billion.
Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only: