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Dow Jones Industrial Average News, 6/29/2016 – For all the fear-mongering and concern about the "Brexit" being the end of the European markets, it seems that a lot of traders didn't get the message.
Value investors have been pouring back into the markets over the last two days, snapping up undervalued stocks and driving the markets higher. The markets have gained back roughly half of the $3 trillion of value lost last week.
The Dow added 284 points on Wednesday as blue-chip stocks like Chevron Corp. (NYSE: CVX) and Boeing Co. (NYSE: BA) pushed the market higher. That said, the Brexit fallout hasn't run its course just yet, no matter what investors may think.
What's next for the markets after last week's Brexit? Find that answer here.
Let's answer that question and recap all the key events from today's session.
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First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,694.68; +284.95; +1.64%
S&P 500: 2,070.77; +34.68; +1.70%
Nasdaq: 4,779.25; +87.38; +1.86%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Markets Recover Half of Brexit Losses Since Last Friday
Today, it was another big day for the markets in the wake of British voters' decision to depart the European Union over the next two years. The two-day rally has been a stark reversal from the two trading sessions before it. The rally came despite news that a key index measuring home sales saw its first yearly decline since May 2015. The Pending Home Sales report by the
National Association of Realtors slipped 3.7% in May. That number is worrying to economists who believe that the housing market is experiencing a slowdown in the summer months.
The ongoing rally has many investors wondering whether or not the "Brexit" is as significant to the markets as some have said over the last week. Diplomats in China – a nation that has its own serious economic problems – has said that Britain's exit from the EU will continue to cast a large shadow over the global economy. In reality, the experts are already preparing for a potential market crash, meaning that investors should prepare for this hot trading summer with this easy-to-use three-part investment strategy.
Shares of Apple Inc. (Nasdaq: AAPL) were up 0.8% on the day, while the broader Nasdaq saw a 1.8% increase.
Crude oil prices rushed higher again after U.S. traders eyed a large decline in U.S. inventories. That decline complemented supply concerns fueled by a production strike in Norway. The nation is the largest producer of crude oil in western Europe. WTI crude prices added 3.1%, while Brent crude gained 3.0%.
But the big news today was the announcement that the U.S. Financial Stability Oversight Council has formally removed the the "designation" of "Too Big to Fail" from GE Capital. The financial arm of General Electric Co. (NYSE: GE) is no longer considered by regulators as a systemically important institution, meaning that it doesn't pose a threat to the U.S. economy. In 2008, the financial crisis saw the firm's financial engineering arm nearly sink the entire organization. The firm considers it a milestone, a sign of its ongoing operational reform.
Now, let's look at the day's biggest stock movers and the best investments in times of global uncertainty…
Top Stock Market News Today
- Shares of Twilio Inc. (NYSE: TWLO) rallied another 18% today as the company's incredible run continues in just its fourth day of trading. The cloud-computing company has seen remarkable optimism from traders looking for investment opportunity in the technology space.
- Volkswagen AG (OTCMKTS ADR: VLKAY) saw shares sink 4.39% as the company continues to reel from the $16 billion settlement it must pay over its false emissions test scandal. But the world's largest automotive company wasn't the only firm in the sector suffering today. Shares of Toyota Motor Corp. (NYSE ADR: TM) announced plans to recall roughly 3.4 million vehicles due to problems linked to its airbags and its emission systems.
- On the earnings front, shares of Nike Inc. (NYSE: NKE) were up 3.6% after the athletic apparel company reported mixed earnings after the bell on Tuesday. The firm experienced record sales, with growth up 6% for both the fourth quarter and the full-year 2016. However, net income slipped by 2% and North American sales were flat.
- In what was supposed to be Nike's big post-earnings day, the real stealer of the spotlight was Adidas AG (OTCMKTS ADR: ADDYY) saw shares rally 3.1% after it announced a partnership with Kanye West. It is being called the most lucrative deal ever between an athletic apparel brand and a non-athletic spokesman.
- Following Nike's announcement, shares of Foot Locker Inc. (NYSE: FL) pushed up 5.4% despite news that the firm received a sharp downgrade from financial firm BB&T Corp. (NYSE: BBT). The apparel retailer says its price target lowered from $80 to $70 per share due to widespread macroeconomic concerns.
- Finally, here's your investment strategy of the day. The last four trading sessions have been very wild. Triple-digit swings have been very common, and investors need to understand that it's time to take advantage of volatility. There's one simple strategy that you can use to make big profits – and to sleep better at night. And it all starts with one simple word that every investor must know. Read all about it, right here.
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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.