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The Dow Jones Industrial Average and the S&P 500 closed at new records as investors continue to push into equities.
Investors need to know about a number of other critical stories today that might have slipped under the radar. Before we get to those stories, check out the results for the Dow Jones, S&P 500, and Nasdaq:
This Is the Best "Retirement Stock" of 2016… And the good news is, it's trading for "pennies." But it won't be for long… its revenue is set to surge 4,709%. Learn the details of this $5 stock today while it's still "on sale." Read more…
Dow Jones: 18,506.41; +134.29; +0.73%
S&P 500: 2,163.75; +11.32; +0.53%
Nasdaq: 5,034.06; +28.33; +0.57%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: JPM, Financial Stocks Push Dow and S&P 500 to New Record
The Dow Jones closed at a new record high – adding another 134 points – as investors grew more bullish about financial stocks thanks to fresh stimulus measures and dismissed macroeconomic concerns tied to Europe.
This morning, the Bank of England surprised investors on news that it was not going to slash interest rates for the first time since 2009. Markets largely expected that the British central bank would cut rates by at least 25 basis points in the wake of the country's vote to depart the European Union.
Markets also pushed higher thanks to a positive start to the earnings season. Shares of JPMorgan Chase & Co. (NYSE: JPM) are up more than 1.8% after the company topped earnings expectations. The investment bank reported earnings per share (EPS) of $1.55, far above Wall Street estimates of $1.43. The surprise earnings sent the markets into the stratosphere as investors now anticipate that other financial stocks could surprise in the wake of the Brexit.
Tomorrow, keep an eye out for earnings reports from Citigroup Inc. (NYSE: C) and Wells Fargo Co. (NYSE: WFC). Financial stocks are in focus in the wake of the British vote to depart the European Union. While investors are keeping an eye on exposure to the fragile European financial sector, investors should definitely avoid Deutsche Bank AG (NYSE: DB). Money Morning Global Credit Strategist Michael Lewitt warns that the company's stock is poised to slump into single digits.
The big focus today was on speeches from members of the U.S. Federal Reserve, as investors continue to seek clues on the timing of the next interest rate hike by the U.S. central bank.
Today, Atlanta Fed President Dennis Lockhart said that the central bank should be "cautious and patient" before deciding to increase rates in the near future. Lockhart raised said that the Fed should wait until there is a clear picture about the impact of the Brexit before making a significant decision on monetary policy.
Oil prices were rising again despite ongoing concerns to a "global supply glut." WTI crude prices added 1.6%, while Brent crude gained 2.0%. Money Morning Global Energy Strategist Dr. Kent Moors has good news for investors. It turns out that U.S. companies are in the beginning stages of one of the greatest changes to how they invest in the energy sector in more than a decade, and he lays out the best way that investors can profit in the years ahead.
But the big news today is that presumed Republican Presidential nominee Donald Trump is poised to announce his vice presidential candidate. Trump is expected to announce Indiana Gov. Mike Pence will be his running mate for president. Already, expected Democratic nominee Hillary Clinton is on the attack on the potential ticket. In fact, Clinton's campaign has been hammering Trump over his planned immigration policy. See what Clinton's team is saying about Trump's immigration plan and its expected impact on the U.S. economy, right here.
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 deal front, shares of Monsanto Co. (NYSE: MON) are on the rise after German chemical giant Bayer AG (OTCMKTS: BAYRY) offered to boost its offer for the global seed giant. Bayer has boosted its offer to $64 billion, a solid hike from the deal that Monsanto rejected in May. The offer comes on news that BASF SE (OTCMKTS: BASFY) is exploring an offer for the chemical division of Monsanto.
- Shares of Twitter Inc. (NYSE: TWTR) were up 1.2% as the stock trades at its highest levels since mid-March. The company announced a deal to live stream three Bloomberg shows, a move that will boost the social media giant's financial news Despite the deal, there are a few reasons why we stand by our recommendation to avoid Twitter stock in 2016. Click here to learn why TWTR is a stock to sell right now.
- On the earnings front, shares of Delta Air Lines Inc. (NYSE: DAL) are up 3.4% despite news that the global airline company plans to slash its flights between the United States and the United Kingdom. The company said it will start reducing flights this winter due to increased forex concerns, a declining British pound, and growing macroeconomic worries tied to the Brexit.
- Shares of messaging app developer Line Corp. (NYSE: LN) rallied more than 25% after the company went public this morning on the New York Stock Exchange. The Japanese messaging app raised more than $1 billion and opened far higher than the company initially priced its stock this week. This was by far the largest IPO of 2016.
- Finally, here's your investment of the day. If you want to make real money, you need to invest in global companies that produce products human beings "need." This means looking outside the flashy investments in electric cars, mobile devices, and other consumer electronics. We're talking medicine, water, energy – the things that keep society balanced in good times and in bad. Money Morning Chief Investment Strategist Keith Fitz-Gerald lays out the case for the best global companies out there today. Click here to get started and plan to own this stock for far less than its current value today.
We're Seeking Maximum Profits From the "IPO Icebreakers": 2016 has been a rough year for IPO investors, but that's about to change in the most lucrative way possible. Here's what you need to know to get ready for the turnaround. Read More…
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.