We expect volatility to heat up next month. That's why our list for the best stocks to buy in October 2016 emphasizes quality companies that can survive a volatile market. Before we get started on today's news, check out the three best stocks to buy in October, right here.
Let's look at the final numbers on Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,308.15; 164.70; 0.91%
S&P 500: 2,168.27; 17.14; 0.80%
Nasdaq: 5,312.00; 42.85; 0.81%
Here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
The Dow Jones gained more than 164 points on Friday as financial stocks rebounded from yesterday's slump. Shares of JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), and Citigroup Inc. (NYSE: C) all gained more than 1.2% after Deutsche Bank leadership assured investors that the company wouldn't face a liquidity crisis.
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But don't think that the company's problems are over. Since February, Money Morning Global Credit Strategist Michael Lewitt has called Deutsche Bank the "proverbial canary in the coal mine of the global financial system." In fact, Lewitt has been helping investors make big gains by shorting the embattled firm. Here's how Lewitt earned investors 166% recently on DB puts and how you can stand to make a lot more when DB stock craters to even worse all-time lows.
Stocks largely ignored news that the Atlanta Federal Reserve has cut its third-quarter GDP target to 2.4%. That's important because it signifies that the United States is unlikely to top 3% in one quarter for the 31st consecutive quarter of the Obama presidency.
Shares of Amazon.com Inc. (Nasdaq: AMZN) hit an all-time high on Friday thanks to another lofty price target from an investment research firm. Guggenheim initiated coverage on the e-commerce giant, issued a "Buy" rating, and set a price target of $950 per share. AMZN has been on a tear over the last nine months, adding 23% to date.
The price of crude oil today was swinging back and forth into positive and negative territory. Traders took some profits off the table after OPEC announced a deal to cap production in November. Baker Hughes Inc. (NYSE: BHI) announced that the U.S. rig count increased for the 13th time in 14 weeks. The United States added seven rigs last week, bringing the total to 425.
The WTI crude oil price today gained 0.5%. Meanwhile, the Brent crude oil price fell 0.3%.
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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.