The S&P 500 Index climbed today after the market lost roughly 2.7% last week. The markets also reacted positively to news that the Portuguese government will offer nearly $6.6 billion (4.9 billion euros) in emergency lending to stave off the collapse of its largest financial institution, Banco Espirito Santo. The Chicago Board Options Exchange Volatility Index (VIX), which gauges investment fear, slipped more than 12% on the day.
Here's the scorecard from today's trading session:
Daily Deals: Shares of Groupon Inc. (Nasdaq: GRPN) surged more than 8% the day before the company will report quarterly earnings. Multiple analysts believe that the company will at least meet quarterly revenue estimates of $762 million.
Curing Cancer: Shares of Amgen Inc. (Nasdaq: AMGN) were up nearly 3% after the company said its injectable blood cancer drug Kyprolis had significantly extended late-stage patients' lives without worsening their conditions. The drug was central to Amgen's $10 billion acquisition of Onyx Pharmaceuticals in 2013.
Leadership: In a recent interview withThe Economist, U.S. President Barack Obama suggested that leaders at U.S. corporations should stop complaining about regulation. Over the past six years, the U.S. economy has struggled to get moving again, and regulatory efforts like the Dodd-Frank Act, the Affordable Healthcare Act, and new rules set by the Environmental Protection Agency have faced increased scrutiny from businesses. While highly critical of the corporate culture in America, the president has continually defended institutions like the U.S. Import-Export Bank that engage in corporate welfare.
Auto Loan Problems: The U.S. Department of Justice has subpoenaed General Motors Co. (NYSE: GM) over concerns regarding subprime auto loans the firm's financial arm offered to customers since 2007. Concerns are growing that the auto industry is fueling another credit bubble. Shares of GM were up a little more than 0.5% on the day.
Oil Glut: German megabank Deutsche BankAG (NYSE: DB) downgraded offshore drilling operators this morning, citing a glut in the oil supply. Shares of Transocean Ltd. (NYSE: RIG) slipped more than 2%, while Hercules Offshore Inc. (Nasdaq: HERO) lost 1%.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:
Put These Investing Classics on Your Vacation Reading Short List: It's now August, and we're hitting prime vacation season. If you're like Money Morning Executive Editor Bill Patalon, you want to use that time to catch up on your reading. Consider including a business book or two on that list. The time invested will have a long-term payoff. Here's a current list of Bill's favorite investment books...
This Miracle Material Is Our Secret Weapon in the Coming Energy War: China and Russia's $400 billion natural gas deal was one of the first shots in their energy war against the United States and Europe. But Defense & Tech Specialist Michael A. Robinson discovered one company's products that are a big part of the technology that provides our best defense in this coming war. And that makes this a "defense" technology we can feel proud about profiting from...
A Clear Way to Profit from a Graying Population: The Baby Boom generation, which includes everyone born from 1946 through 1964, is now entering retirement age (65) at a rate of 10,000 per day. Naturally, the more seniors there are, the more demand there will be on the medical community for better and safer therapies, and more ways to profit from this trend...
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.