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Dow Jones Industrial Average News, 8/15/16 – The markets chased news of more financial stimulus to new records again on Monday. All three major indices once again closed at new records – the second time that this has occurred in the last week. Prior to the previous record-setting day, the Dow, Nasdaq, and S&P 500 had not closed at records at the same time since Dec. 31, 1999.
Before we get to the breakout possibilities, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 18,636.05; +59.58; +0.32%
S&P 500: 2,190.15; +6.10; +0.28%
Nasdaq: 5,262.02; +29.12; +0.56%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Dow Jumps to Record High as Materials Stocks Push Higher
The Dow Jones Industrial Average added 59 points with concerns about the U.S. economy fading. The markets expect that China's central bank will loosen monetary policy in order to boost its stagnant economy. Additional stimulus is also likely on tap in Japan, where the nation's economy barely grew in the second quarter.
Despite ongoing expectations for low economic growth, volatility is not showing up. The CBOE Volatility Index (VIX) – also known as the market fear gauge – fell to multiyear lows in recent trading sessions. Today, the VIX was up 2.3%, but still below 12.
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The U.S. Federal Reserve was back in focus today after San Francisco Fed Bank President John Williams called for the central bank to embrace policies designed to combat low interest rates. Williams argues that policymakers should set higher inflation targets, tie policy to economic output, and boost government spending.
Crude oil prices are now up more than 10% in three sessions and have just hit five-week highs. Prices are pushing higher on rising expectations that global producers will work to reduce output. Meanwhile, market intelligence firm Genscape announced a drawdown of 350,000 barrels in Cushing, Oklahoma. Next month, representatives of OPEC will meet to discuss a potential production freeze. Russian Energy Minister Alexander Novak announced that he was working with the world's largest oil producers to help stabilize the global markets. Money Morning Global Energy Strategist Dr. Kent Moors argues that investors shouldn't bank on the global cartel reaching a deal next month. Here's what Kent says will happen next.
WTI crude gained 3%, while Brent crude prices added 3.1%. Here is where the price of oil is heading after the recent four-day rally.
Silver prices were pushing higher today. The commodity has been volatile in recent weeks due to slow summer trading, supportive macroeconomics, and a strong U.S. dollar. Money Morning Resource Specialist Peter Krauth explains that silver prices could be heading up another 10% by the end of the year. Here's our latest 2016 silver forecast.
The big news today is Tesla Motors Inc. (Nasdaq: TSLA). The electric vehicle manufacturer has announced that it will remove the term "autopilot" from its Chinese website after a customer crashed their vehicle in Beijing in August. The firm will also remove the Chinese term for "self-driving." The company has been under increased pressure after a series of malfunctions from its "autopilot" function, including one accident that killed the driver. Despite the bad press, Tesla remains a stock to own in the years ahead. Here's our latest update on TSLA stock and where Elon Musk's company is heading next.
Now, let's look at the day's biggest stock movers…
Top Stock Market News Today
- Shares of Twitter Inc. (NYSE: TWTR) rallied more than 6.8% on news that it plans to launch an app for Apple Inc.'s (Nasdaq: AAPL) Apple TV. The new application will allow users to watch live shows and streams, including the upcoming slate of NFL games. Shares of AAPL stock gained more than 1.2% on the day.
- Shares of Best Buy Corp. (NYSE: BBY) slipped more than 1% after investment firm Jefferies downgraded the stock. The financial firm dropped the electronic retailer from "Buy" to "Hold" due to concerns about consumer demand for televisions.
- In deal news, shares of American International Group Inc. (NYSE: AIG) gained more than 0.6% on news that it will sell its mortgage-guaranty division to Arch Capital Group Ltd. (Nasdaq: ACGL). The deal, which could happen this week, is expected to be worth $3.4 billion.
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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.