U.S. Stock Market Rebounds from Morning Sell-Off - Here's What Happened

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:

    us stock market

  • 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.
  • 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.

  • Not Enough: In a speech at Georgetown University today, International Monetary Fund managing director Christine Lagarde said that the global recovery from the recent financial crisis was "not enough" and that countries will continue to struggle with high debts and high unemployment. Lagarde went on to say that differentiating plans by central banks on when they raise interest rates is a problem for the global economy. The most recent projection for global growth for 2014 from the IMF sits at 3.4%, but could soon be cut again as weakness in Europe and multiple emerging markets continue to put pressure on global trade.

Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:

  • A Post-Petrodollar Play for Triple-Digit Gains: It is now clear that both Russia and China are making concerted efforts to move off the petrodollar system. The result of this trend will roil the currency markets, and we can expect these seismic shifts to affect the U.S. dollar - and the stock market. The changes open up profit opportunities, too, and Money Morning Resource Specialist Peter Krauth has found the perfect stock to benefit from the petrodollar's demise.....
  • (Other) Investors Will Hate You for Using This Investment Strategy: Even with interest rates so low and the economy steadily improving, many nervous investors, worried about a correction, are selling off. Whenever this sort of negative noise is in the air, it's not a time to sell; it's a profit opportunity for tech investors. That's why Defense & Tech Specialist Michael A. Robinson is sharing three strategies designed to turn market declines to your financial advantage. With them, you'll leave the nervous sellers in the dust...
  • 252 Million Years Ago, This Nearly Wiped Out All Life... Tomorrow, It Could Solve Our Energy Problems: According to an April study issued in the Proceedings of the National Academy of Sciences, permafrost soil, which typically remains frozen all year, is thawing and decomposing at an accelerating rate. But after a shocking discovery, it seems something locked in the soil could become the fuel of the future... and you could profit big off the new revolution.


About the Author

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.

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