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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:
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.