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Another wild week for the Dow Jones Industrial Average is about to come to a close. The massive rally to global stock markets comes down to one word: stimulus.
This week, the Bank of Japan received orders to unleash another round of stimulus in order to boost growth in the world's third-largest economy. Meanwhile, China announced its economic growth sat at 6.7% in the second quarter. How did this happen? The nation's central bank pumped record levels of money into the economy during the previous quarter.
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The mainstream media won't admit it, but central banking lies are propping the markets up right now. And as Money Morning Capital Wave Strategist Shah Gilani explains, it could get very ugly, very fast for traders.
That said, while talking heads brag about the Dow Jones Industrial Average today sitting at record levels, we want to identify ways to make money regardless of whether we see big gains or volatility in the future.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for Friday, July 15, 2016.
What's Moving the Dow Jones Industrial Average Today: Nice Terror Attack
The Dow Jones Industrial Average projected an 80-point gain following the announcement that China's economy continues to expand. Markets are also reacting to another terrorist attack on French soil. Last night, at least 80 people were killed in the city of Nice during a Bastille Day celebration.
A busy earnings season continues, and today's slate is heavy on financial stocks. Look for earnings reports from Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C), U.S. Bancorp (NYSE: USB), and PNC Financial Services Group Inc. (NYSE: PNC).
Presumptive Republican presidential nominee Donald Trump has canceled a press conference this morning in which he was expected to announce he has selected Indiana Governor Mike Pence as his running mate for the 2016 election. Trump cited last night's attack in Nice, France, for the delay in the GOP front-runner's announcement.
Pence is a social conservative who was an early advocate of the Tea Party movement and is dropping his bid for re-election for the top post in Indiana. As the Republican National Convention approaches, it was widely expected that some members of the GOP would attempt to block Trump's nomination. However, with Pence in the fold, it will be especially hard to knock Trump from the post.
Oil prices erased early losses as markets celebrate the central bank fueled growth in China and Japan. WTI crude oil prices were up 0.3%, while Brent crude oil prices slumped 0.2%. Markets had been under pressure this week due to ongoing expectations of rising supply and declining demand.
Money Morning Global Energy Strategist Dr. Kent Moors argues few officials really understand this so-called "oil glut." Click here to see Moors' oil forecast and insight on how you can profit.
Now, here's your list of top stocks to watch in today's market, plus today's economic calendar:
Companies to Watch in the Stock Market Today
- Shares of Shaw Communications Inc. (NYSE: SJR) are in focus after the company reported third-quarter earnings this morning. Wall Street anticipated the firm would report an earnings-per-share figure of $0.26 on top of $1.0 billion in revenue.
- Shares of Japanese messaging app developer Line Corp. (NYSE ADR: LN) are back in focus today. The stock rallied more than 25% on Thursday after the company went public. The Japanese messaging app raised $1.1 billion and opened far higher than the company initially priced its stock this week, making it the largest IPO of 2016. But while investors might have missed the price pop yesterday, there's a whole other way you can profit from the upside of IPOs in the tech space. Just invest in this fund instead..
- Shares of Yahoo! Inc. (Nasdaq: YHOO) are in focus as the company's board will finally make a decision on its strategic alternatives. The firm is expecting final bids over the weekend for its assets that include the core Internet business, patents, and Yahoo Japan. Bidders include Verizon Communications Inc. (NYSE: VZ), AT&T Inc. (NYSE: T), and a team that includes Quicken Loans co-founder Dan Gilbert and Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A).
- The Wall Street Journal reports that Xerox Corp. (NYSE: XRX) has turned down a bid to sell its document business to RR Donnelley & Sons Co. (NYSE: RRD).
Today's U.S. Economic Calendar (all times EDT)
- Consumer Price Index at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Empire State Manufacturing Survey at 8:30 a.m.
- Industrial Production at 9:15 a.m.
- Business Inventories at 10 a.m.
- Consumer Sentiment at 10 a.m.
- Baker Hughes Rig Count at 1 p.m.
- San Francisco Federal Reserve Bank President John Williams speaks at 1 p.m.
- Minneapolis Federal Reserve Bank President Neel Kashkari speaks at 1:15 p.m.
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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.