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How Did the Stock Market Do Today?
S&P 500: 2,107.40; -1.55; -0.07%
Nasdaq: 5,098.94; -5.95; -0.12%
The DJIA today snapped a four-day winning streak and slipped a little more than 3 points as turmoil abroad offset positive sentiment about the U.S. economy and a pending interest rate decision by the Federal Reserve. In Greece, Greek anti-austerity protesters rioted over the nation's planned $95 billion bailout acceptance and threw petrol bombs at police. The rioting caused the Greek parliament to close and police to administer tear gas to disperse the crowd.
Top Stock Market News Today
- Markets Listen to Yellen: Events in Greece caught the market's attention later in the trading session, but U.S. Federal Reserve Chairwoman Janet Yellen's comments on pending interest rate hikes weighed on the market the most today. Yellen will not be heeding a warning from the International Monetary Fund about interest rates and said that the central bank is prepared to tighten monetary policy in the coming months. The markets anticipate that the central bank will raise rates in September or December.
- Oil Outlook: Oil prices continued to decline on concerns about global supply after Iran and Western nations reached a tentative deal over the former's nuclear energy program. WTI crude futures for August slipped 3.1% to hit $51.40 per barrel. Meanwhile, Brent oil prices dipped 2.5% to hit $57.04 per barrel. Iran announced plans to double its export capacity in the coming years, raising concerns that a glut of oil could hit global markets as other nations ramp up production.
- On Tap Tomorrow: On Thursday, investors will focus on weekly jobless reports, reactions to Greek riots over its austerity program, testimony by Janet Yellen before the Senate Banking Committee, and updates on the housing sector. Companies reporting earnings tomorrow include Advanced Micro Devices Inc. (NYSE: AMD), BB&T Corp. (NYSE: BBT), Citigroup Inc. (NYSE: C), eBay Inc. (Nasdaq: EBAY), Goldman Sachs Group Inc. (NYSE: GS), UnitedHealth Group Inc. (NYSE: UNH), Mattel Inc. (NYSE: MAT), Schlumberger NV (NYSE: SLB), and Google Inc. (Nasdaq: GOOG, GOOGL).
Stocks to Watch: BAC, CELG, M, YUM, AMZN, USB
- Stocks to Watch No. 1, BAC: Shares of Bank of America Corp. (NYSE: BAC) added more than 3.2% today on news that the company reported its highest quarterly profits in roughly four years. Today's gains offered BAC its best daily returns in nearly five months. The company reported a sharp drop in corporate expenses and said that profitability grew in its mortgage banking business. Rival U.S. Bancorp (NYSE: USB) also added 3.7% after the company reported positive quarterly earnings and beat Wall Street expectations.
- Stocks to Watch No. 2, CELG: Shares of Celgene Corp. (Nasdaq: CELG) were up as much as 10.7% today on news that the company hiked its 2015 per-share earnings outlook and offered to purchase Receptos Inc. (Nasdaq: RCPT) for $232 per share. Shares of RCPT rose 11.05% today. CELG shares are now at an all-time high and pushed the broader Nasdaq Biotech Index (NBI) to its third record high in just three weeks. CELG stock closed at $131.39.
- Stocks to Watch No. 3, M: Shares of Macy's Inc. (NYSE: M) surged nearly 8% Wednesday on news that activist investor Starboard Value has taken a stake in the retail giant. The deal adds even more pressure for the retail firm to spin off its real estate holdings into a separate company, which could be worth as much as $21 billion.
- Stocks to Watch No. 4, YUM: Shares of Yum Brands Inc. (NYSE: YUM) slipped 3.3% on news that the company reported its fourth consecutive losing quarter. The company says it is still struggling to recapture market share in China after a 2014 meat scandal affected a number of its chains, including Pizza Hut and KFC.
- Stocks to Watch No. 5, AMZN: Shares of Amazon.com Inc. (Nasdaq: AMZN) slipped nearly 1% despite reporting success during its inaugural "Prime Day," a one-day shopping holiday to celebrate its 20th anniversary. The company reported that Prime Day peak order rates have already surpassed totals from Black Friday last year, exceeding expectations of the firm's efforts to pique shopping interest during a typically soft summer retail season. Rival Wal-Mart Stores Inc. (NYSE: WMT) also reported strong sales as the company attempted to keep pace with the e-commerce giant and issued free shipping on orders over $35 as an incentive for customers to bypass the purchase of a $99 Amazon Prime account.
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