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How Did the Stock Market Do Today?
S&P 500: 1,940.51; +72.90; +3.90%
Nasdaq: 4,697.54; +191.05; +4.24%
The Dow Jones Industrial Average today gained 619 points, bouncing back from yesterday's record-breaking sell-off and marking the largest one-day leap since November 2011. The Nasdaq surged more than 4.2% thanks to a massive jump in shares of Google Inc. (Nasdaq: GOOG, GOOGL). This morning, an upgrade by Goldman Sachs Group Inc. (NYSE: GS) to the investment firm's "conviction buy" list sent Google stock surging more than 7.7%. Goldman set Google's price target at $800 per share, a 28% premium over today's closing price.
Today's Top Stock Market News
- Stock Market News: Gold prices today fell more than 1.5% as U.S. equities climbed. The markets surged despite another volatile trading session in China this morning. Positive economic data provided some relief for weary traders and expectations that the U.S. Federal Reserve will raise interest rates continue to fade. In a speech today, New York Fed President William Dudley said the argument for a September rate hike seemed "less compelling" than sentiment was just two weeks ago. Meanwhile, William Strauss, Senior Economist and Adviser to the Chicago Federal Reserve, said during an investment conference that Chicago Federal Reserve Bank President Charles Evans and his team of economists do not wish to rush an interest rate hike next month.
- Oil Moves: Domestic WTI oil prices remain near six-and-a-half year lows. WTI crude prices dipped nearly 1% to reach $38.92 per barrel. Meanwhile, Brent oil prices added 0.8% to $43.56 per barrel. Money Morning Global Energy Strategist Dr. Kent Moors anticipates that oil prices will rise in the fourth quarter as merger and acquisition activity picks up over the rest of 2015.
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.