Start the conversation
The Dow Jones Industrial Average and S&P 500 are back at record highs as investors continue to flood into stocks.
The markets continued their upward momentum as oil prices rallied and positive earnings reports hit the newswire. While energy stocks dominated the headlines on Thursday, there's a lot more that investors need to know.
Before we get to the breakout possibilities in today's market activity, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 18,613.52; +117.86; +0.64%
S&P 500: 2,185.79; +10.30; +0.47%
Nasdaq: 5,228.40; +23.81; +0.46%
Now, here's the top stock market news today… and your best ways to profit.
Don't Miss: Stocks that pay dividends deliver triple the returns of nonpayers. And these "dividend kings" have boosted payouts 50 years in a row…
DJIA Today: Energy Stocks Rally on Hopes of Saudi Crude Production Deal
The Dow Jones Industrial Average rallied more than 100 points as retail companies reported strong earnings reports and oil prices rallied on hopes that the global crude markets will see a rebalancing of supply and demand in the months ahead. Shares of Exxon Mobil Corp. (NYSE: XOM) gained 0.3%, while Chevron Corp. (NYSE: CVX) added 1.1% on the day.
Gold prices were climbing higher on weaker than expected economic data. Prices pushed past $1,350 per ounce as investors continue to weigh the ongoing actions of central banks around the globe.
Don't Miss: Here are five things you need to know about gold investing.
Crude oil prices were rallying on news that Saudi Arabia is considering a deal to stabilize oil prices in the months ahead. The Saudi oil minister spoke today about a possible plan to freeze production. Meanwhile, the International Energy Agency said that it expects the global markets to begin to rebalance in the months ahead. WTI crude gained 3.5%, while Brent crude prices added 4%.
Shares of Yahoo! Inc. (Nasdaq: YHOO) rallied more than 4.1% after the company received a big boost from Alibaba Group Holding Ltd. (NYSE: BABA). This morning, BABA stock gained more than 4.6% after China's largest e-commerce giant reported a 59% gain in quarterly revenue. The company said that mobile revenue increased by a staggering 119% over the quarter, while its mobile user base surged by nearly 40%. Get more details on Alibaba as an investment here.
Now, let's look at the day's biggest stock movers, and your stock insight of the day.
Top Stock Market News Today
- It was a big day for retail companies. In earnings news, shares of Macy's Inc. (NYSE: M) rallied more than 18% after the company beat Wall Street earnings expectations. The firm also announced plans to shut down 100 store locations. Meanwhile, shares of rival Kohl's Corp. (NYSE: KSS) were up more than 16% after the company topped earnings estimates. Despite the gains, the firm reduced its earnings outlook and reported a large drop in same-store sales. Shares of JCPenney Co. Inc. (NYSE: JCP) gained more than 8% after its rivals' reports.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) fell more than 10% on news that the company is now under criminal investigation. Federal investigators are exploring the company's link to the defunct mail-order pharmacy Philidor and whether the firm is engaged in fraud with insurance companies. VRX shares are off nearly 90% in the last 12 months. Despite this week's price surge, don't let this 25% gain fool you. Here's why VRX stock can burn you.
- In deal news, shares of Chesapeake Energy Corp. (NYSE: CHK) are up more than 4% on news that the company plans to sell its Barnett shale property in Texas to a private-equity firm. Chesapeake is also renegotiating a contract with Williams Companies Inc. (NYSE: WMB). The two deals are set to save Chesapeake about $1.9 billion in future costs.
- Shares of Apple Inc. (Nasdaq: AAPL) were up more than 0.2%. While shares sit at roughly $108 each, now is a buying opportunity. Our analysis indicates that Apple has upside of $200 per share.
- Meanwhile, keep an eye out for additional earnings reports after the bell from NVIDIA Corp. (Nasdaq: NVDA), Nordstrom (NYSE: JWN), Ruby Tuesday (NYSE: RT), and Sunrun Inc. (Nasdaq: RUN).
Up Next: Money Morning analysts have just received a major sign that shares of a cybersecurity stock are poised to break out. Now, this company saw its stock fall more than 10% last week after a weak earnings report. But one major catalyst is going to send this stock surging soon. You won't believe how much upside this stock is offering investors right now. Read all about it here.
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.