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How Did the Stock Market Do Today?
S&P 500: 1,988.68; +1.02; +0.05%
Nasdaq: 4,828.33; +15.62; +0.32%
The Dow Jones Industrial Average had been down more than 100 points in the final hour today, but rallied just before the close. The decline came after a key official at the Federal Reserve suggested an interest rate hike in September is still possible. Vice Chair Stanley Fischer said recent economic data and developments in the markets will determine whether the central bank takes action next month to tighten monetary policy. Shares of Goldman Sachs Group Inc. (NYSE: GS) and Johnson & Johnson (NYSE: JNJ) weighed down the Dow on the day, falling 1.2% and 1.4%, respectively.
Top Stock Market News Today
- Stock Market News: The Federal Reserve entered the second day of its annual Jackson Hole Symposium, and Federal Reserve Vice Chair Stanley Fischer rattled investors. Also moving markets was government data that showed U.S. households boosted purchase of automobiles. Shares of Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) were both up on the news.
- Oil Moves: Domestic WTI oil prices surged again today, adding more than 6.5% on the day, on news of stronger economic growth in the United States and decline in crude stocks in Nigeria. Meanwhile, Brent oil prices gained more than 5.3% to $50.12 per barrel. Oil major Chevron Corp. (NYSE: CVX) saw gains today of 3.2%, while Kinder Morgan Inc. (NYSE: KMI) climbed 2%.
- On Tap Monday: On Monday, investors will keep an eye on the Chicago PMI and the Dallas Fed Manufacturing Survey. Companies reporting earnings include iGate Corp. (Nasdaq: IGTE), E-Commerce China Dangdang Inc. (Nasdaq: DANG), Nordic American Tankers Ltd. (NYSE: NAT), Brown Shoe Co. Inc. (NYSE: BWS), and Southern Copper Corp. (Nasdaq: SCCO).
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.