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Dow Jones Industrial Average News 6/20/16 – A massive rally in the European stock markets propelled optimism in the United States, as public opinion surrounding the so-called Brexit is leaning toward the United Kingdom remaining in the European Union. The Dow added 129 points as geopolitical concerns slid.
First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,804.87; +129.71; 0.73%
S&P 500: 2,083.25; +12.03; 0.58%
Nasdaq: 4,837.21; +36.88; 0.77%
Now, here's the top stock market news today…
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DJIA Today: Brexit Worries Subside, Energy Stocks Rally on Market Optimism
First up, the "exit" campaign of the Brexit debate has lost momentum in the wake of Parliament member Jo Cox's death last week. A number of new polls indicate that a majority of voters now favor the UK staying in the European Union, which is the world's largest economic bloc.
This morning, Minneapolis Federal Reserve President Neel Kashkari warned that too much regulation could fuel problems for Wall Street and the economy. Kashkari said that if Washington sets capital standards that are too high for investment firms, borrowers could turn to non-bank lenders to access credit.
Speaking of the Federal Reserve, the central bank's Chair Janet Yellen goes to Capitol Hill tomorrow to testify before the Senate Banking Committee. Investors will be curious to know what the central bank head thinks about the timing of the next interest rate hike and other monetary policy matters. The thing is, investors shouldn't wait for Yellen's testimony or her next speech on monetary policy to start profiting. Here's the best investment you can make based on what the Fed is set to do next.
It was another solid day for silver prices, which pushed above $17.50 per ounce. Gold prices were going in reverse as worries over the Brexit subsided. There have been two reasons why silver and gold have seen significant volatility in recent weeks. First, the market reacted to the Fed's recent meeting and its decision on interest rates. Second, polls showed the "Leave" side leading in the upcoming Brexit referendum, which helped push up fears of uncertainty. Here's where silver prices are heading next, and how you can profit.
Oil prices rallied today as concerns about the Brexit faded. It was a great day for Marathon Oil Corp. (NYSE: MRO), which added more than 10% after the firm purchased PayRock Energy Holdings for $888 million. Shares of Chevron Corp. (NYSE: CVX) added 1.2%, while shares of Exxon Mobil Corp. (NYSE: XOM) added 0.6%.
WTI crude prices added 2.5%, while Brent crude prices gained 2.6%.
Now, let's look at the day's biggest stock movers and your trade of the day…
Top Stock Market News Today
- Shares of com Inc. (NYSE ADR: JD) rallied more than 5.2% on news that the e-commerce giant plans to purchase the Chinese e-commerce division of Wal-Mart Corp. (NYSE: WMT). This is just the latest sign of growth for the nation with the world's largest consumer base. If you really want to tap into the huge profits that are being fueled by China's significant growth, be sure to read about this company as well.
- Shares of Federal-Mogul Holdings Group (Nasdaq: FDML) gained more than 4.3% after the firm received a higher takeover bid from Icahn Enterprises LP (Nasdaq: IEP). The firm run by Carl Icahn has upped its offer from $7 per share to $8.
- Apple Inc. (Nasdaq: AAPL) were flat, but still made headlines. The iconic technology giant announced it will not offer technology or money to the GOP convention. The technology giant is abstaining from participation in the Cleveland convention on objections to nominee Donald Trump's statements in the past about women, immigrants, and other minority groups. Though this headline may run over and over today, it isn't going to help you profit. Here's the real story you need to know about AAPL stock and why we're bullish over the long term.
- Finally, here is your stock of the day. The potential exit of the United Kingdom has investors looking for a way to profit no matter what voters decide this week. The thing is, most pundits are looking at how to trade the Brexit the wrong way. Money Morning Options Trading Specialist Tom Gentile offers a simple way to trade the Brexit, and it's the best opportunity to generate alpha this week. Click here to learn about this trade.
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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.