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It has been a full week since British voters decided to depart the European Union, and markets are almost back where they started. The Dow Jones Industrial Average today (Friday, July 1) pushed higher as investors anticipate the Bank of England will unleash some form of stimulus, particularly a cut to its already low interest rates of 0.5%.
The Dow Jones and the S&P 500 had their best week of 2016, fueled by feverish optimism from the post-Brexit vote, stronger economic data, and value investing. The Dow added 19 points and received a strong boost from Harley-Davidson Inc. (NYSE: HOG), which added 20% thanks to takeover rumors. Meanwhile, the Nasdaq and the S&P 500 were moving higher thanks to a 5.7% gain from Netflix Inc. (Nasdaq: NFLX).
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It was a very busy week rocked by big headlines in the financial and energy sectors. But too many important stories might have slipped under the radar, and we're here to talk about what you might have missed on Friday.
First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,949.37; +19.38; +0.11%
S&P 500: 2,102.95; +4.09; +0.20%
Nasdaq: 4,862.57; +19.90; +0.41%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Markets Shrug off Brexit Worries, Oil Slumps on Supply Woes
Today, the Dow Jones added another 19 points, while the S&P 500 was almost back to pre-Brexit levels. It appears many investors are not phased by the 850-point drop that happened last Friday and Monday. In fact, some argue Britain may never actually invoke Article 50 and leave the European Union. According to a new poll by BBC Newsnight, one-third of British voters do not believe the Brexit will ever happen.
The price of gold was on the move again after a strong June. The yellow metal gained 8.8% over the previous month, and there are likely more gains on the horizon. Meanwhile, silver prices were on pace for their best week since 2013. Silver prices are up 8% this week. Where are silver prices heading in 2016? You can find that answer, right here.
Crude oil prices were off slightly this morning as investors anticipate supply problems in the global market. OPEC was pushing toward a record 32.82 million barrels produced each day (bpd) last month. WTI crude slipped 0.5% this morning, while Brent crude was off 0.5%.
Shares of Yahoo! Inc. (Nasdaq: YHOO) were in focus today as shareholders reflect on the company's annual shareholder meeting. YHOO stock is up 14% so far this year as it continues to explore strategic options. CEO Marissa Mayer said the company is working hard to sell part of the company. The firm's core Internet business has attracted bids from companies like Verizon Communications Inc. (NYSE: VZ) and AT&T Inc. (NYSE: T).
Shares of General Motors Co. (NYSE: GM) and Ford Motor Co. (NYSE: F) were both up more than 1% after U.S. manufacturers released positive June auto sales numbers. But the real story in the auto sector is how U.S. regulators are investigating the autopilot features of Tesla Motors Inc. (Nasdaq: TSLA). Regulators began scrutinizing the company after the fatal crash of a 2015 Model S. TSLA stock was still up 2% on the day.
Now, let's look at the day's biggest stock movers and the best investments during these times of global uncertainty.
Top Stock Market News Today
- Chipotle Mexican Grill Inc. (NYSE: CMG) is facing another public relations nightmare. One of the company's top executives was charged with criminal possession of a controlled substance in the seventh degree (which means a person knowingly, unlawfully possesses an illicit substance). The stock was off 2.2% this afternoon as the firm continues to face problems with customer retention. Here's more on the scandal.
- Shares of Wells Fargo & Co. (NYSE: WFC) were off 0.6% slightly despite a blockbuster announcement shortly before the bell. According to regulatory filings, Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) has applied to expand its holdings of WFC stock beyond 1%. This is standard in terms of regulations between the holdings of non-financial companies and banks. The application says it has no plans to push Wells Fargo into a merger or to shake up the corporate structure.
- In deal news, Apple Inc. (Nasdaq: AAPL) is considering a deal to purchase music service Tidal. The deal would be part of the company's ongoing efforts to improve its music-streaming division. Shares of AAPL stock were up 0.3% on the day.
- Shares of Hewlett Packard Enterprise Co. (NYSE: HPE) were up 1.2% after a California judge sided with the firm in its lawsuit against Oracle Corp. (NYSE: ORCL). The company will receive $3 billion over a dispute involving HP's Itanium servers. It's a big deal for HP considering its stock has been pummeled in 2016. So far this year, HPE stock is off 20%.
- Finally, here are your top investments. The Brexit has put some of the world's best stocks "on sale," and value investors would be foolish to let these opportunities slip away. If you want to make some real money, right now, you need to learn about the best value plays out there today. These are the five stocks that we like.
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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.