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Stock Market Today, Sept. 26, 2014: U.S. markets rebounded Friday, with biotech companies leading the charge in today's session. The markets got a strong shot in the arm after the U.S. Commerce Department revised GDP growth upward for the second quarter. The U.S. economy accelerated at its strongest pace in 30 months.
Here's the scorecard from today's trading session:
Dow: 17,113.15, +167.35 (+0.99%)
Nasdaq: 4,512.19, +45.45 (+1.02%)
S&P 500: 1,982.85, +16.86 (+0.86%)
Now, here's a breakdown of the day's top stories and stock performances:
- Moving On: "Bond King" Bill Gross shocked the markets today, announcing plans to leave Pacific Investment Management Company LLC (commonly called PIMCO), the company he founded 43 years ago. Gross will be moving to Janus Capital Group Inc. (NYSE: JNS) to run the company's recently started Janus Global Unconstrained Bond Fund. A number of reports indicate that Gross was on the verge of being fired. Other reports indicate that Pimco's Total Return Fund is at risk of capital flight, with figures as high as 30%, on news of Gross' departure. Shares of Janus Group were up more than 42% after the announcement. Bloomberg reports that Pimco's Deputy Chief Investment Officer Daniel "Dan" Ivascyn is the likely successor of the company. The PIMCO Strategic Income Fund Inc. (NYSE: RCS) was down more than 4.5% on the day.
- Biotech Boom: Today was a huge day for biotech stocks. Shares of Agios Pharmaceuticals Inc. (Nasdaq: AGIO) were up 18% on news the company will soon present clinical data on a crucial phase 1 study. Meanwhile shares of Repros Therapeutics Inc. (Nasdaq: RPRX) and Esperion Therapeutics Inc. (Nasdaq: ESPR) jumped 16% and 27% respectively on positive trial news. Now, check out these biotech stocks that are behind the most expensive new drugs in the world…
- Doubling Up: Shares of Yahoo Inc. (Nasdaq: YHOO) and AOL Inc. (NYSE: AOL) surged this afternoon more than 4% and 3% respectively. The gains came on news that Yahoo! shareholder Starboard Value LP urged a merger between the two online giants.
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.