The Dow Jones Industrial Average today surged in the final 30 minutes of trading to finish up more than 369 points. Markets moved higher as a revision of second-quarter GDP showed the economy may be much stronger than previously reported and concerns over the Chinese stock market faded. The U.S. Commerce Department reported that between April and June, GDP grew at 3.7%, much higher than the 2.3% it had reported last month.
Many investors are now asking a very important question: Is this stock market correction over?Money Morning Capital Wave Strategist Shah Gilani warned on FOX Business' "Varney & Co." that the sell-off might not be over quite yet. Watch the interview here.
The S&P 500 Volatility Index (VIX), the market's fear gauge, dipped another 12.1% on the day as concerns about the broader markets faded.
Top Stock Market News Today
Stock Market News: U.S. stock markets continued their recovery on Thursday as investors reduced concerns about the Chinese stock markets and rallied around positive growth in the U.S. economy during the June-ending quarter. Meanwhile, the U.S. Federal Reserve kicked off its annual Jackson Hole Symposium, the event where the central bank plans its final four months of the year. Federal Reserve Chairwoman Janet Yellen is not attending the event, which signals the central bank is unlikely to dive deeper into consideration about a potential interest rate hike until the September FOMC meeting.
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Oil Moves:Oil prices surged today on news that Venezuela, which is heavily reliant on oil sales in order to finance its government, is seeking a meeting of OPEC members to discuss production levels and falling prices. The nation is undergoing horrific hyperinflation and its economy is 2% on the day, its best one-day gain since March 2009. WTI crude oil prices gained more than 10% to $42.77 a barrel. Meanwhile, Brent oil prices gained more than 9% to $47.06 per barrel. For more on today's oil prices, go here.
On Tap Tomorrow: On Friday, investors will keep an eye on any developments from the Fed's Jackson Hole meeting, an update on consumer sentiment, and a weekly oil rig count from energy giant Baker Hughes Inc. (NYSE: BHI). Companies reporting earnings include Big Lots Inc. (NYSE: BIG) and Regis Corp. (NYSE: RGS).
Stocks to Watch: MON, SYT, AAPL, TSLA, CAT, TIF
Stocks to Watch No. 1, MON: U.S.-based Monsanto Co. (NYSE: MON) has abandoned its $47 billion bid to purchase its rival Syngenta AG (NYSE ADR: SYT). Monsanto aimed to combine the world's two largest seed companies. This was the second takeover proposal rejected by Syngenta.
Stocks to Watch No. 2, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) continued their positive momentum this afternoon, adding another 2.9% on news the tech giant has scheduled a product event on Sept. 9. The company is expected to unveil its iPhone 6S during the event, which will be held in San Francisco. Meanwhile, tech industry watchdog IDC said in a research report today that sales of the Apple Watch might be better than previously expected.
Stocks to Watch No. 3, TSLA: Shares of Tesla Motors Inc. (Nasdaq: TSLA) jumped 8.1% on the day after Consumer Reports praised the firm's Model S P85D and gave it the highest possible score in automobile testing.
Stocks to Watch No. 4, CAT: Shares of Caterpillar Inc. (NYSE: CAT) were up more than 2.4% on news the company will be cutting 475 employees in the wake of a global slowdown in mining and construction. The company said the slowdown has hurt the firm's revenue and must engage in cost-cutting to protect its bottom line. Meanwhile, rumors are hitting the stock that its dividend payment - a hefty 4.08% yield - could be in jeopardy.
Stocks to Watch No. 5, TIF: Shares of Tiffany & Co. (NYSE: TIF) fell more than 2.1% after the luxury goods retailer announced it missed Wall Street earnings expectations for the most recent quarter. The firm released per-share earnings of $0.86, which were $0.05 short of expectations. The company also announced revenue was below expectations after a strong dollar and global economic shortfalls affected markets that have previously provided strong numbers to its baseline.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.
