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For April 23, 2015, here's how the stock market did today, earnings reports, the top stock market news, and stocks to watch based on today's market moves...
How Did the Stock Market Do Today?
S&P 500: 2,112.93, +4.97, +0.24%
Nasdaq: 5,056.06, +20.89, +0.41%
Nasdaq Hits New Record Close: The Nasdaq Composite Index struck an all-time closing high Thursday, beating the previous record set more than 15 years ago during the dot-com bubble. The S&P 500 hit a new intraday high but failed to beat its previous record close. The DJIA Index gained 20 points today.
Top Stock Market News Today
- Stock Market Recap: Weather woes in the first quarter have faded from corporate reports. The new scapegoat for weaker global profits is a surging U.S. dollar. As more companies reported earnings Thursday, the strength of the greenback continues to plague the finances of companies that rely on foreign markets for the bulk of their profits.
- Wireless Shake-Up: Tech giant Google Inc. (Nasdaq: GOOG, GOOGL) is taking direct aim at Verizon Communications Inc. (NYSE: VZ) and AT&T Inc. (NYSE: T) and is turning the future of wireless cell service on its side. Today, the company announced it will begin offering its own wireless service called Project Fi. The service will allow users to switch between Wi-Fi and the networks of Sprint Corp. (NYSE: S) and T-Mobile US Inc. (NYSE: TMUS). The low-cost service is expected to shake up the industry.
- Oil Prices Today: Oil prices were back on the rise this afternoon, with Brent crude hitting its highest level in 2015. The combination of geopolitical tension in the Middle East and China's decision to loosen monetary policy is supporting higher oil prices. Brent Crude, priced in London, rose more than 3.4% to fall just short of $65 per barrel. WTI crude, priced in New York City, jumped 2.8% to hit $57.74 per barrel.
Stocks to Watch: AAPL, CMCSA, TWC, CAT, MMM
- Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) jumped 0.82% today ahead of its critical earnings call on April 27. Reports indicate the tech giant could introduce a $150 billion stock buyback program. Analysts at Morgan Stanley (NYSE: MS) reaffirmed their target price of $160 per share and said they anticipate the company will have shipped more than 55.5 million iPhones over the March-ending quarter.
- Stocks to Watch No. 2, CMCSA: Shares of Comcast Corp. (Nasdaq: CMCSA) jumped nearly 3% intraday on news that the company is planning to scrap its $45 billion takeover bid for Time Warner Cable (NYSE: TWC). The companies will likely announce Friday that the deal is off, according to a report this afternoon from Bloomberg. The news comes after members of the U.S. Justice Department and the Federal Communications Commission raised concerns about the impact of the deal on consumers. TWC shares fell 0.5% on the day.
- Stocks to Watch No. 3, CAT: Shares of Caterpillar Inc.(NYSE: CAT) were up more than 4% this morning, but retreated in the afternoon after investors grew cautious over the firm's sobering earnings report. The company reported adjusted earnings of $1.86 per share on sales of $12.7 billion, which beat analyst expectations of $1.35 per share on sales of $12.48 billion. However, that was a 3.2% decline year over year.
- Stocks to Watch No. 4, MMM: Shares of 3M (NYSE: MMM) fell 3% this afternoon after the company reported that its first-quarter earnings slipped 0.7%. The company said the strong U.S. dollar wiped out otherwise stronger revenue from its international business. 3M wasn't the only company to use the dollar as an excuse today. General Motors Co. (NYSE: GM), PepsiCo Inc. (NYSE: PEP), and Procter & Gamble Co. (NYSE: PG) all saw share price declines today thanks to difficulties brought on by exchange rates in the Forex markets.
What Investors Must Know This Week
- Make More Money in the Markets Today with the Single Best Investing Strategy
- Beat the Market by 656% with Tech Stocks
- Why an Iran Nuclear "Deal" Won't Drive Oil Prices Down
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.