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DJIA Today, Aug. 28, 2014: The Dow Jones Industrial Average shed 42 points today and gold prices rose for the third consecutive session as investors sought safety from rising geopolitical tensions in Ukraine. This morning, Russian forces invaded Ukraine via the eastern border.
The losses remained tempered by a batch of strong economic data that saw U.S. second-quarter GDP growth revised upward to 4.2%, while jobless claims slipped to 298,000. In Europe, stocks slipped over geopolitical concerns in the East. However, investors remain confident on news that the European Central Bank will likely increase stimulus efforts to refuel a number of stumbling economies.
Here's the scorecard from today's trading session:
Dow: 17,079.57, -42.44 (-0.25%)
Nasdaq: 4,557.69, -11.93 (-0.26%)
S&P 500: 1,996.74, -3.38 (-0.17%)
Now, here are the top stories from the stock market today:
- Big Announcement: Tech enthusiasts celebrated the news that Apple Inc. (Nasdaq: AAPL) has planned a special event on Sept. 9. Many expect this date will coincide with the company's debut of the iWatch and the iPhone 6. Shares of Apple were up roughly 0.12% on the day.
- Earnings Slip: Shares of Williams-Sonoma Inc. (NYSE: WSM) slipped nearly 12% from its record high on news that the company missed expected per-share earnings and issued a warning on its 2014 profit outlook. Meanwhile, retailer Abercrombie & Fitch Co. (NYSE: ANF) slipped nearly 5% after the company announced an unexpected decline in same-store sales, despite beating earnings estimates. The company announced plans to remove its iconic label from its clothing brand.
- Merger Mania: Shares of CSR Plc. (Nasdaq ADR: CSRE) rose more than 35% this afternoon on news that the company rejected a steep takeover bid from Microchip Technology Inc. (Nasdaq: MCHP). According to reports, CSR's board of directors is now considering a number of strategic options for the company.
- Data Breach: The S&P Financial Index slipped by 0.3% on news that the foreign hackers conducted a massive cyberattack that lost U.S. financial companies gigabytes of customer data in mid-August. Shares of JPMorgan Chase & Co. (NYSE: JPM) slipped nearly 1%, as it remains the most prominent victim of the breach. The bank is also working with the U.S. Federal Bureau of Investigation to determine whether it was the victim of another attack in recent days, although the company says it confronts multiple online attacks every day.
- Saving Lives: The World Health Organization (WHO) announced the deadly Ebola virus is still spreading across Africa. Nearly 40% of all cases have emerged in the last three weeks. Shares of GlaxoSmithKline Plc. (NYSE ADR: GSK) were up 0.39% on news that the company's Ebola vaccine may enter human trials in September. Should the company's drug succeed, it will provide up to 10,000 doses to the WHO.
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.