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Dow Jones Today, Oct. 13, 2014: The Dow Jones Industrial Average dropped 223 points Monday, shedding earlier gains as investors continued to express concerns about global uncertainty. The markets had previously moved into the green after Federal Reserve Bank of Chicago president Charles Evans announced today that the "biggest risk" to the global recovery was premature rate hikes.
The S&P 500 Index fell below the 1,900 level today ahead of an important earnings week. The S&P 500 Volatility Index (VIX) jumped another 15% on the day. Gold prices climbed to a four-week high on a weaker dollar and increasing geopolitical uncertainty. Energy stocks led the sharp afternoon slide.
Here's the scorecard from today's trading session:
Dow: 16,321.07, -223.03 (-1.35%)
S&P 500: 1,874.74, -31.39 (-1.65%)
Nasdaq: 4,213.66, -62.58 (-1.46%)
Now, here's a breakdown of today's other top stories and stock performances:
- Outbreak Profits: Manufacturers of safety suits and equipment continue to see their shares soar as fears of a deadly Ebola outbreak sweep the world. Shares of HAZMAT-suit manufacturer Lakeland Industries Inc. (Nasdaq: LAKE) were up 47% today, while face-mask producer Alpha Pro Tech Ltd. (NYSE: APT) also saw shares soar another 35% today. Alpha Pro shares are up more than 250% on the year. As the Ebola epidemic rages, so-called "Ebola stocks" are surging as biotechs race to find a cure – but here's why investors should steer clear of overhyped plays.
- GPRO at Your Own Risk: Shares of GoPro Inc. (Nasdaq: GPRO) slipped nearly 10% after a report by Yahoo! Sports suggested that one of its camera models may have been responsible for the traumatic head injury suffered by Formula 1 racer Michael Schumacher. The report indicates that Schumacher was injured in a skiing accident and that while his helmet may have sustained serious damage, the camera remained intact. Schumacher is slowly emerging from a medically induced coma. Here's Money Morning Chief Investment Strategist Keith Fitz-Gerald on why GPRO stock is one to avoid…
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.