Now, let's discuss what you need to know about the markets on April 28, 2016.
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First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,830.76; -210.79; -1.17%
S&P 500: 2,075.81; -19.34; -0.92%
Nasdaq: 4,805.29; -57.85; -1.19%
Now, here's the top stock market news today...
President Barrack Obama is the first president to serve eight years and not have a single one where the U.S. economy grew by at least 3% in one of the years. This morning, the U.S. Commerce Department announced that GDP grew by a meager 0.5% in the first quarter. The U.S. economy had weakened manufacturing output and lower export levels.
Everyone in America should be concerned about the sharp decline in real final sales. The sharp contraction in business investment is especially worrying, as the figure has hit its weakest levels since the onset of the Great Recession. The U.S. economy cannot afford such slow growth in 2016, as continued weakness at a time that the Fed is trying to boost inflation could produce dire results like stagflation. The announcement comes just a day after the Federal Reserve maintained interest rates at current levels and discussed headwinds to the U.S. economy.
Shares of Apple Inc. (Nasdaq: AAPL) fell as much as 3.5% after billionaire investment manager Carl Icahn announced that Icahn Enterprises LP (NYSE: IEP) has ditched its position in AAPL stock. Icahn raised concerns about the company's ability to compete in the Chinese market.
That said, the day wasn't a complete bust. It was a big day of mergers and acquisitions. Today's roster of deals includes plans by Comcast Corp. (Nasdaq: CMCSA) to purchase DreamWorks Animation Skg Inc. (Nasdaq: DWA) for $3.8 billion; a deal by AbbVie Inc. (Nasdaq: ABBV) to purchase Peter Thiel-backed biotech firm Stemcentrx for more than $5 billion; a deal by Abbott Labs (NYSE: ABT) to purchase St. Jude Medical Inc. (NYSE: STJ) for $25 billion; and a deal by Oracle Corp. (NYSE: ORCL) to purchase Textura for $663 million.
Now, let's look at the day's biggest stock movers and the stock of the day.
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About the Author
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.