Improving economic data and recent comments from central bank officials have the markets anticipating a rate hike in December. Markets are also keeping an eye on Hurricane Matthew, which is taking aim at Florida.
On Wednesday, the Dow rallied 112 points thanks to strong gains in financial and energy stocks, investors weighed a wealth of earnings reports, and takeover speculation boosted the technology sector.
Let's take a look at Wednesday's stock market numbers:
Dow Jones: 18,281.03; 112.58; 0.62%
S&P 500: 2,159.73; 9.24; 0.43%
Nasdaq: 5,316.02; 26.36; 0.50%
With interest rates not expected to see a boost until December, investors are hungry for yield. Finding the best high-yield stocks to buy is always a smart investment strategy. Because no matter what the market does, high-yield stocks make payments to investors. [Editor's Note: Here are the best high-yield stocks to buy right now.]
The Dow Jones Industrial Average projected a 38-point decline as investors eye the timing of the next interest rates hike. This morning, markets will be keeping an eye on weekly jobless benefits before the bell. But the biggest data point this week comes tomorrow when the Department of Labor reports the September unemployment rate.
Oil prices have been gaining in recent trading sessions thanks to a stream of positive news for global crude supply. On Wednesday, the Energy Information Administration announced a massive drawdown in crude inventories last week. The EIA said that U.S. crude stocks fell by 2.976 million barrels. That news pushed oil prices to a 2016 high.
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The WTI crude oil price today added 0.1%. The Brent crude oil price gained 0.2%.
Today's scam is happening at EpiPen manufacturer Mylan NV (NYSE: MYL). The company is back in the spotlight on news that it overcharged Medicaid for its allergy drug for two decades. This bombshell announcement comes from a letter from Democratic Senators Ron Wyden of Oregon and Frank Pallone of New Jersey. An investigation discovered that the EpiPen had been misclassified as a generic drug dating all the way back to 1997.
The big story this morning is happening in Washington, D.C. Do you know where your tax money is going? Well, corporations all around the country do. As it turns out, just $1 in lobbying spending can trigger a $760 windfall - all at your expense. And it's about to get much worse.
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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.