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For Jan. 28, 2016, here's the top stock market news and stocks to watch based on today's market moves…
How Did the Stock Market Do Today?
Dow Jones: 16,069.64; +125.18; +0.79%
S&P 500: 1,893.36; +10.41; +0.55%
Nasdaq: 4,506.68; +38.51; +0.86%
The Dow Jones Industrial Average today (Thursday) gained 125 points on optimism that Russia is aiming to work with leaders of OPEC to reduce global production in order to prevent oil prices from sliding further. The Nasdaq and the S&P 500 were on the rise ahead of critical earnings reports from Alphabet Inc. (Nasdaq: GOOGL) and Amazon.com Inc. (Nasdaq: AMZN), which come after the bell. In addition, pay attention to an earnings report from credit card giant Visa Inc. (NYSE: V).
The CBOE Volatility Index (VIX) – Wall Street's fear gauge – slipped 4.6%
On the economic front, U.S. jobless claims were lower than expected, according to data from the U.S. Labor Department. The positive news comes a week after benefit seekers hit a six-month high. Meanwhile, U.S. durable goods orders slumped 5.1% in December, while orders fell overall by 3.5% for the full 2015 year. That marks the largest annual decline in six years.
Top Stock Market News Today
- Stock Market Today: Nine of 10 major S&P sectors were on the rise with utilities and energy stocks offering the strongest boosts on the day. The lone loser was the healthcare sector, thanks to a sharp downturn in biotech stocks. Shares of Abbott Laboratories (NYSE: ABT) were the biggest drag on the Dow today, falling 9.3% after the firm reported weaker than expected bottom-line figures for the quarter. Meanwhile, shares of Celgene Corp. (Nasdaq: CELG) fell by 5% after the company reported weak earnings.
- Saudi Oil Saviors: Crude oil prices were on the rise today after Russian Energy Minister Alexander Novak announced Saudi Arabia has proposed a 5% cut in production around the world. Given the critical role that oil plays in the social budgets of oil exporting nations like Russia and Saudi Arabia, nations are eager to find a bottom in crude prices, which finished their first three-day win streak of 2016. WTI crude oil – priced in New York – gained 2.9% to close at a three-week high of $33.22 per barrel. Meanwhile, Brent crude – priced in London – rose 2.4% to hit $33.89 per barrel. Shares of Chevron Corp. (NYSE: CVX) gained 3.1% on the day, while shares of Exxon Mobil Corp. (NYSE: XOM) rose more than 2.2%. Meanwhile, shares of Kinder Morgan Inc. (NYSE: KMI) surged 8.5% on heavy volumes.
- On Tap Tomorrow: Traders look to a report by the U.S. Commerce Department when the agency releases its first estimate of fourth-quarter GDP. Yesterday, the U.S. Federal Reserve announced the global economy experienced a downturn over the last month of 2015, fueled by a decline in consumer spending and weak holiday shopping sales. In addition, pay attention to a speech by San Francisco Federal Reserve Bank President John Williams, who will offer his economic outlook for 2016. Companies set to report quarterly earnings include Mastercard Inc. (NYSE: MA), Chevron Corp. (NYSE: CVX), Honeywell International Inc. (NYSE: HON), American Airlines Group Inc. (Nasdaq: AAL), Colgate-Palmolive Co. (NYSE: CL), Whirlpool Corp. (NYSE: WHR), and AbbVie Inc. (NYSE: ABBV).
Stocks to Watch: INCY, FB, TWTR, UA, GGP
- Stocks to Watch No. 1, INCY: Shares of Incyte Corp. (Nasdaq: INCY) slumped more than 9.5%, dragging down the Nasdaq. The company announced it was halting a mid-stage trial for a once-promising cancer treatment.
- Stocks to Watch No. 2, FB: Shares of Facebook Inc. (Nasdaq: FB) surged 15.5% after the social networking giant announced a 52% jump in revenue. The firm said it currently has 1.6 billion active users around the world and that more than 100 million hours of video are being watched on the site each day. During a conference call on Thursday, COO Sheryl Sandberg said the social media giant plans to shift its attention into new business lines that could impact rivals like Twitter Inc. (NYSE: TWTR). One of these new business lines is actually the "hidden key" that will drive the Facebook stock price higher in 2016…
- Stocks to Watch No. 3, UA: Shares of Under Armour Inc. (NYSE: UA) surged more than 22.5% after the company crushed fourth-quarter earnings reports. The Baltimore-based apparel company announced strong top- and bottom-line results and issued very strong forward guidance. The firm cited remarkable growth in its footwear sales, fueled by the success of NBA star Stephen Curry's basketball shoe line.
- Stocks to Watch No. 4, GGP: Shares of General Growth Properties Inc. (NYSE: GGP) gained 1.7% on news that Canadian investment firm Brookfield Asset Management Inc. may purchase the U.S. mall operator.
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What Investors Must Know This Week
- Where We'll Find Our Biggest Profits This Year
- What a Chinese Stock Market Crash Means for Investors
- Your "Buy List" to Profit from Volatility in 2016
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.