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.
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:
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.