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The Dow Jones Industrial Average today (Wednesday) closed at another record level – its seventh straight record-setting session – fueled by a rise in technology stocks and an uptick in oil prices.
While earnings figures dominated Wednesday discussions on trading floors in New York and Chicago, a number of other stories rattled investor confidence and created a handful of new trading opportunities for the informed. Let's dive into those stories right now.
First, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 18.595.03; +36.02; +0.19%
S&P 500: 2,173.02; +9.24; +0.43%
Nasdaq: 5,089.93; +53.56; +1.06%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Is a Pullback Coming After Seven Straight Winning Sessions?
The Dow Jones gained 36 points as investors continue to pour into equities. With such an incredible rally over the last week, Money Morning Technical Trading Specialist D.R. Barton sees a slight dip coming. That's why he just revealed a list of the best stocks to buy now before the market pulls back. Check it out, right here.
Financial stocks have been in focus this week since Goldman Sachs Group Inc. (NYSE: GS) reported a positive second-quarter earnings report. Goldman, J.P. Morgan Chase & Co. (NYSE: JPM), and Citigroup Inc. (NYSE: C) all beat earnings expectations this quarter. Despite the growing optimism in the financial sector, Money Morning Capital Wave Strategist Shah Gilani has issued a must-read warning about the health of the banks and what he sees for the industry next. His prediction: The big banks may implode before ever being broken up…
Oil prices were ticking higher after the U.S. Energy Information Administration announced the ninth consecutive week that domestic crude levels have declined. The EIA reported that the United States saw a 2.3 million barrel decline for the week of July 15. That's slightly higher than the decline of 2.1 million barrels projected by analysts earlier this week. WTI crude oil prices were up 0.6%, while Brent crude oil prices added 0.7%. Here's more on where oil prices are heading next and what investors need to do from the projections of our Global Energy Specialist Dr. Kent Moors.
The Republican National Convention continued on Wednesday, and with it came heightened expectations after the party nominated Donald Trump as its candidate for the presidency. The party also nominated Indiana Gov. Mike Pence for vice president. But this latter nomination could be a problem for the GOP. In fact, Pence's nomination could help propel Democratic presumptive nominee Hillary Clinton into the White House – here's what you need to know.
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 Microsoft Corp. (Nasdaq: MSFT) rallied more than 6% after the company topped earnings expectations late Tuesday afternoon. The company reported a sharp uptick in its cloud and productivity growth. Its cloud product Azure said that revenue increased by 102%. So, is MSFT a buy right now? We break down the performance of MSFT stock, right here.
- Facebook Inc. (Nasdaq: FB) saw slight gains after Brazil's Federal Supreme Court reversed a ruling that would have blocked WhatsApp in the country.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) were up more than 4.1% after the firm received approval from the FDA for the tablet version of the constipation drug Relistor. Even though the company has received an uptick in price over the last few days and has risen 25% since hitting its 52-week low recently, we still warn investors that this company remains under significant financial stress. Here's more on what you need to know about VRX stock.
- Oil field services giant Halliburton Co. (NYSE: HAL) announced that it experienced a quarterly loss. The firm's quarterly profits were weighed down by a breakup fee after the firm was unable to purchase rival Baker Hughes Inc. (NYSE: BHI). Despite the bad news, the company said today that it believes that the U.S. energy market has turned the quarter and it projected a reversal from its 35% revenue decline this quarter.
- In deal news, Unilever Plc. (NYSE ADR: UL) announced plans to purchase marketing-marvel Dollar Shave Club. Though terms of the deal aren't clear, several reports indicate that the deal is worth at least $1 billion in cash. Unilever already owns brands like Axe Body Spray and Dove soap. UL shares were off slightly on the day.
- After the bell, also lookout for an earnings report from eBay Inc. (Nasdaq: EBAY), Qualcomm Inc. (Nasdaq: QCOM), Intel Corp. (Nasdaq: INTC), F5 Networks (Nasdaq: FFIV), Mattel Inc. (NYSE: MAT), Kinder Morgan Inc. (NYSE: KMI), and Canadian Pacific Railroad (NYSE: CP).
- Finally, here's your investment of the day. The U.S. Federal Reserve says it wants two interest rate hikes in 2016, but Morgan Stanley (NYSE: MS) doesn't believe it will happen. In fact, the megabank believes interest rates will stay the same until 2018. That creates big challenges for ordinary savers who are looking for appreciation upside. That's why you should consider owning this one commodity in your portfolio.
You can give your portfolio a 326% performance advantage.
Everything you need to grow your wealth like never before is in this guide – including a strategy to outperform the S&P 500 by triple digits.
You'll also get five stocks backed by "unstoppable trends" for solid gains in any market conditions.
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.