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The Dow Jones Industrial Average reversed fortune and finished in positive territory on Wednesday afternoon.
A turnaround in oil prices and strength in healthcare stocks helped propel the markets higher today. Shares of Home Depot Inc. (NYSE: HD) and UnitedHealth Group Inc. (NYSE: UNH) offered the most upside for the Dow. Meanwhile, shares of Apple Inc. (Nasdaq: AAPL) ticked up 0.5% and helped propel the Nasdaq. The biggest boost to the tech-fueled index came from Celgene Corp. (Nasdaq: CELG), which added 4% today. Investors looking for a real breakout biotech stock should look right here.
In a day dominated by oil price swings, you might have missed some major profit opportunities. Let's break them down and get to your stock pick of the day.
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First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,918.62; 78.00; +0.44%
S&P 500: 2,099.73; 11.18; +0.54%
Nasdaq: 4,859.16; 36.26; +0.75%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Fed to Wait for Greater Clarity on Impact of the Brexit
Today, the Dow added 78 points after the U.S. Federal Reserve released minutes from its June FOMC meeting. The central bank hinted that it doesn't plan on hiking interest rates until the fallout from the Brexit is better understood. The dollar continues to surge in the wake of the Brexit, gaining more than 2% since the vote. The Brexit – in many ways – did Fed Chair Janet Yellen's job for her as the dollar grew stronger against a basket of international currencies.
All around the globe, world leaders are doing their best to convince investors that the departure of Britain from the European Union won't have the "world-ending" outcome that many feared shortly before the vote. Both U.S. Fed Governor Daniel Tarullo and German Chancellor Angela Merkel said that the Brexit would have a smaller than expected impact on their respective economies.
Meanwhile, things keep going from bad to worse for the world's largest bank, Deutsche Bank AG (NYSE: DB). The company desperately needs cash and is dramatically overleveraged. The firm will sell $1 billion in energy debt in order to raise capital. DB stocks were off 3.4%.
Silver prices were past $20 per ounce – up 1.2% on the day. Money Morning Resource Specialist Peter Krauth believes silver prices will keep climbing. Meanwhile, gold prices added another 0.5%. With prices pushing higher, is now still a good time to purchase the yellow metal?
Crude oil prices reversed on Wednesday as traders project a large drawdown in inventories across the United States. The American Petroleum Institute (API) will unveil its inventory data after the bell today. Meanwhile, the EIA is set to release its inventory numbers on Thursday. With expectations for a slide in domestic supply, WTI prices gained 1.6%, while Brent crude was up 1.5%. In the wake of the Brexit, Money Morning Global Energy Strategist Dr. Kent Moors offers his latest oil forecast for the balance of 2016.
But the surprise news today comes from Hostess Brands. The snack company and maker of Twinkies is aiming to go public later this year at a valuation of roughly $2 billion. This is a significant goal for a company that nearly went bankrupt just a few years ago.
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
- On the earnings front, shares of Walgreens Boots Alliance Inc. (Nasdaq: WBA) were off 2% after the firm reported weaker than expected quarterly revenue figures. The largest drug chain in the country beat topline earnings per share (EPS) and raised its outlook for the balance of 2016.
- Jack Ma is channeling his inner Elon Musk and setting his eyes on the Chinese automotive industry. The head of Alibaba Group Holding Ltd. (NYSE: BABA) is working with a major Chinese car maker to showcase the RX5. This car has many features that are customary on U.S. vehicles, like the ability to link a cellphone to the car's dashboard. At some point, it will include driverless technology.
- It's been a tough two weeks for Tesla Motors Inc. (Nasdaq: TSLA). The stock was sliding again today after it failed to reach lofty second-quarter sales and delivery goals. Meanwhile, the company is caught in a public relations disaster after it took nine days to report a crash involving its self-driving technology to U.S. regulators.
- Finally, here's your investment of the day. Money Morning Director of Technology & Venture Capital Michael A. Robinson has found one of the best biotech stocks to buy now. This company is a marquee name in the pharmaceutical space that continues to innovate and grow via lucrative acquisitions. In fact, our price target indicates that this biotech stock could soar another 115% from today's price. Read 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.