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How Did the DJIA, S&P 500, Nasdaq Do Today?
Dow Jones: 18,119.78; +103.83; +0.58%
S&P 500: 2,122.85; +12.86; +0.61%
Nasdaq:5,153.97; +36.97; +0.72%
The DJIA today added nearly 104 points as investors held out hope that Greece will resolve its debt negotiations with its creditors at the International Monetary Fund.
Merger and acquisition activity in the healthcare sector continued as a handful of deals and rumors hit Wall Street, sending stocks higher. Companies continue to exploit record-low interest rates before the U.S. Federal Reserve tightens monetary policy later this year.
Today, the Nasdaq Composite index hit a new record high, while the S&P 500 is now just five points off from its all-time record.
The S&P 500 Volatility Index (VIX), the market's fear gauge, plunged nearly 8.75% today.
Top Market News Today
- EU "Emergency": European financial ministers hosted an emergency meeting to discuss Greece's $1.8 billion debt to creditors at the end of the month. Greece's leaders pitched several new proposals as the country attempts to avoid a default on its debts later this week. However, European economy ministers said they will remain cautious. Wonder why Greece hasn't defaulted yet? Check out this surprising debt crisis truth...
- IPO Explosion: Merger and acquisition activity continues at a breakneck pace, but the many companies going public have provided an even larger profit explosion. There are 16 companies on this week's upcoming IPO calendar. According to Renaissance Capital, a manager of IPO-focused ETFs, they're expected to raise a combined $2.49 billion. Here's a breakdown of all 16 companies on this week's IPO calendar.
- Buyers' Market: S. home resales in May hit a five-and-a-half-year high as new homeowners continue to jump into the market. Home sales have been surging as buyers aim to exploit low interest rates before the Federal Reserve hikes them in 2015.
- On Tap Tomorrow: On Tuesday, investors will continue to monitor the situation in Greece and await the monthly domestic report on durable goods orders. In addition, housing stocks will be in focus as the May new home sales report drops. Companies reporting earnings include HB Fuller Co. (NYSE: FUL), IHS Inc. (NYSE: HIS), Lindsay Corp. (NYSE: LNN), and OMNOVA Solutions Inc. (NYSE: OMN).
Stocks to Watch: IBM, CI, ANTM, MSO, FIT
- Stocks to Watch No. 1, IBM: Shares of International Business Machines Corp. (NYSE: IBM) were up more than 0.4%. The tech giant has seen a very large inflow of capital, roughly $750 million. IBM stock has had a wild ride in 2015, as traders aren't quite sure what to expect from the firm, and other rival companies continue to provide more "bang" for the investment buck. So, is IBM stock a buy? Get our investment analysis here.
- Stocks to Watch No. 2, CI: Shares of Cigna Inc.(NYSE: CI) were up more than 4.7% on news the healthcare giant has turned down a $47 billion merger offer from rival Anthem Inc. (NYSE: ANTM). Meanwhile, news broke that both Cigna and Aetna Inc. (NYSE: AET) were engaged in an auction to purchase Humana Inc. (NYSE: HUM). Merger and acquisition activity continues to accelerate in the sector as firms rush to cut costs.
- Stocks to Watch No. 3, MSO: Shares of Martha Stewart Living Omnimedia Inc. (NYSE: MSO) sank more than 11.9% on news that the firm will be purchased by Sequential Brands Group Inc. (Nasdaq: SQBG) for roughly $353 million. Martha Stewart shares had jumped more than 36% on Thursday and Friday as rumors of the deal hit Wall Street. However, the struggling brand sold for far less than speculators had expected. Sequential will look to turn around the brand name after it joins its other roster of brands that includes Heelys, Jessica Simpson, and William Rast. SQBG shares were down 1.06% on the day.
- Stocks to Watch No. 4, FIT: Shares of Fitbit Inc. (NYSE: FIT) surged another 14% today as the wearable tech company hit an all-time intraday high of $40.45 in just its third day of trading. The stock is nearly double last Thursday's debut IPO price of $20. With this kind of performance, is Fitbit stock a buy? Get the answer here...
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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.