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The Dow Jones today soared as industrial shares rallied on strong earnings reports, surging 300 points intraday before retreating to close the day up 216 points. The Nasdaq added 69 points. The S&P 500 Volatility Index (VIX) fell more than 7% on the day.
What moved the markets: The Dow Jones jumped significantly after two important components reported strong quarterly results. Both Caterpillar Inc. (NYSE: CAT) and 3M Co. (NYSE: MMM) soared after reporting earnings. Shares of both companies were up nearly 5% on the day.
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.