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The Dow Jones Industrial Average added another nine points on Friday, boosted by increased optimism that the U.S. Federal Reserve is not set to increase interest rates this year. The Dow is now on a six-day winning streak and shows no signs of slowing down in the wake of the Brexit.
Beyond the numbers, investors need to know about a number of other critical stories that might have slipped under the radar. That's what we're talking about after the bell on Friday.
First, check out the results for the Dow Jones, S&P 500, and Nasdaq:
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Dow Jones: 18,516.27; +9.86; +0.05%
S&P 500: 2,161.74; -2.01; -0.09%
Nasdaq: 5,029.59; -4.47; -0.09%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Financial Stocks Swing on Busy Day of Earnings Reports
The Dow Jones closed at another record high despite lackluster earnings reports from some of the country's largest financial institutions. Gold and silver prices both slipped on the day. Gold prices recorded their first weekly loss in nearly two months. Meanwhile, the silver spot price fell for the third straight day in a row. Here's more on where precious metal prices are headed.
Last night's terrorist attack in Nice, France, that killed 84 people hurt travel stocks today. Shares of Priceline Group Inc. (Nasdaq: PCLN) fell more than 2.5%, while airline stocks like Delta Air Lines Inc. (NYSE: DAL) and Air France KLM SA (OTCMKTS ADR: AFLYY) both fell more than 2%.
It was another busy day of earnings reports as financial companies continue to issue quarterly performance updates. Wells Fargo & Co. (NYSE: WFC) stock fell more than 2.8% after the company reported weaker than expected quarterly earnings.
While the Brexit is in focus for financial stocks, 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.
Oil prices continued to tick up today after Baker Hughes Inc. (NYSE: BHI) reported that the United States added six rigs to the national production tally. The nation has 357 operational rigs, down significantly from the 638 that were in use at the same time last year. WTI crude prices added 0.6%, while Brent crude gained 0.5%.
Of course the story that everyone should be paying attention to is how the oil markets have vanished from the mainstream media's rotation. While everyone is focused on oil production and prices here in the United States, the largest IPO in world history is slated for later this year. Here's everything that you need to know about the Saudi Aramco IPO date and what investors should do right now.
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
- Shares of Herbalife Ltd. (NYSE: HLF) rallied nearly 10% after the Federal Trade Commission said that the company is not operating a pyramid scheme. The federal agency's report is a huge blow to activist hedge fund manager Bill Ackman, who has been calling for investigations into the company's marketing practices for several years. That said, the company will pay a $200 million settlement for misrepresenting its operations, and the firm has promised to improve disclosures about how retail sales are collected.
- Shares of messaging app developer Line Corp. (NYSE ADR: LN) fell more than 3% today. The decline came after its 25% surge on Thursday when the company went public. 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 – and 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.
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.