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Stock Market Today, Oct. 2, 2014: The U.S. stock market bounced back from a morning downswing to end the day flat, while investors remained cool about European Central Bank President Mario Draghi's intentions to define a specific stimulus program to help stave off recession in the Eurozone. U.S. crude oil prices rebounded this afternoon after falling to as low as $88.18, the lowest price in nearly 18 months. The S&P 500 Volatility Index (VIX), which gauges fear in the market, dropped by 3% on the day.
Here's the scorecard from the stock market today:
Dow: 16,801.05, -3.66 (-0.02%)
Nasdaq: 4,430.19, +8.11 (+0.18%)
S&P 500: 1,946.17, +0.01 (0.0%)
Now, here's a breakdown of today's other top stories and stock performances:
- Ebola Breakout: Shares of Exxon Mobil Corp. (NYSE: XOM) were up 0.7% this afternoon despite news that the company's African operations are being disrupted by the ongoing Ebola outbreak. The company said that it is reconsidering whether it will drill for oil in affected regions of the continent and announced it had banned business travel to the area.
- Another Big IPO: Shares of Wayfair Inc. (NYSE: W), an e-commerce firm, were up 30% this afternoon after the company begin trading publicly. The company priced shares at $29 during its initial public offering, but saw stronger investor interest than anticipated. Shares soared to more than $37 on the day.
- Financial Exodus: The Pacific Investment Management Company (PIMCO) announced that another $23.5 billion left the company's premier Total Return Fund in September. With the exit of its founder Bill Gross, the company has received multiple downgrades and a wave of capital flight from other funds. To learn the inside story of what really happened at Pimco, be sure to read today's top story.
- Hack Attack: Despite numerous reports that JPMorgan Chase & Co. (NYSE: JPM) was hit with its second cyber breach in three months, a bank spokesman has denied any such attack. The New York Times reported this week that the bank's servers were breached by hackers tied to Italy and southern Europe. The newspaper has since run a correction stating that it overestimated the extent of the report.
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.