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Dow Jones today, July 7, 2014: Last Thursday, the Dow Jones Industrial Average 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.
This week, companies will begin reporting quarterly earnings for the past three months.
Here's the news that will be moving the Dow Jones today:
- Positive Projections: The International Monetary Fund projects that economic activity around the globe is poised to accelerate in 2015. IMF chief Christine Lagarde also projected there is little threat of an economic slowdown in China, stating that the agency projects growth between 7% and 7.5 % for the year. The IMF will update its current growth forecasts later this month.
- A Tasty Deal: Reuters reports that agricultural giant Archer Daniels Midland Co. (NYSE: ADM) plans to purchase Swiss-based flavor and ingredient maker Wild Flavors for 2.2 billion euros ($3 billion) in cash. The deal will also require ADM to take on roughly $136 million of Wild Flavors' debt.
- Merger Mania: Shares of Lorillard Inc. (NYSE: LO) are up another 1% in pre-market trading on news that the company may be merging with tobacco rival Reynolds American Inc. (NYSE: RAI) later this month. Lorillard shares spiked more than 5% on Thursday after CNBC reported that a deal was imminent, although few details were offered.
- No Sun in L.A.: Hollywood film makers are reporting that the film industry had the worst July 4 weekend at the box office in more than a decade. Ticket sales were down more than 44% from last year. The dismal sales are a bad sign for production houses, as the holiday weekend is typically a gauge for the duration of the summer's sales.
- Default Nation: Argentina has sent Economic Minister Axel Kicillof to New York to meet with a court-appointed mediator to help resolve ongoing disputes over the nation's outstanding debts dating back to the financial crisis of 2001. Argentina is attempting to avoid a default for the second time in 13 years.