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The Dow Jones Industrial Average today pushed higher thanks to a surge in oil prices and big gains in biotech stocks.
The iShares Nasdaq Biotechnology ETF (Nasdaq: IBB) added more than 1.3%. Meanwhile, crude prices rallied after Russian President Vladimir Putin said that he expected that OPEC producers would confirm output quotas when it meets again in November.
Let's look at the final numbers on Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,329.04; 88.55; +0.49%
S&P 500: 2,163.66; 9.92; +0.46%
Nasdaq: 5,328.67; 36.27; +0.69%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
DJIA Today: Oil Prices Surge as Traders Eye Russian Cooperation on OPEC Deal
The Dow Jones gained 88 points on Monday as investors cheered rising oil prices and weighed last night's presidential debate. The price of crude oil today hit a four-month high on news that the OPEC deal ensures greater stability and reduces a global supply glut. According to reports, Russia is considering the deal and could join the oil producers in curbing global output. Shares of Exxon Mobil Corp. (NYSE: XOM) added 1.9%, while Chevron Corp. (NYSE: CVX) added 1.5%.
Money Morning Global Energy Strategist Dr. Kent Moors has called OPEC's deal a game-changer. Moors explains what's next for oil prices and what investors must know about global production. The WTI crude oil price today was up 2.7% early this morning, while the Brent crude oil price added 1.9%.
But the big story today was Twitter Inc. (NYSE: TWTR). Shares of TWTR stock plunged more than 12% on reports that bidders had lost interest in the company. Walt Disney Co. (NYSE: DIS), Alphabet Inc.'s (Nasdaq: GOOGL), and Salesforce.com Inc. (NYSE: CRM) were all considered possible buyers. However, concerns about the social media giant's user growth and its ongoing operational challenges make Twitter a terrible investment. We warned investors to avoid TWTR stock and, sure enough, we saw a price crash in recent days.
Investors need to know just how far Twitter stock is poised to fall should the firm not find a buyer. Our latest analysis shows that the firm is going to see losses in the fourth quarter. Check it out, right here.
Money Morning Chief Investment Strategist Keith Fitz-Gerald breaks down the Twitter numbers and tells investors that they need to stop speculating on a deal. In fact, he's found two investments that will provide far better returns in the future. You can read all about them, right here.
Top Stock Market News Today, Oct. 10, 2016
- Shares of Mylan NV (Nasdaq: MYL) rallied more than 11% on news that the drug manufacturer plans to pay $465 million to federal regulators. The company aims to settle allegations that it misclassified its EpiPen treatment and underpaid government healthcare programs.
- In deal news, shares of CBS Corp. (NYSE: CBS) added nearly 1% as investors continue to eye progress on the firm's pending deal with Viacom Inc. (Nasdaq: VIAB).
- Money Morning Global Credit Strategist Michael Lewitt, a former hedge fund and wealth manager, has turned targeting bad-performing stocks into a winning investment strategy. Now, you can learn how to make huge gains on the worst-performing stocks by targeting these five stocks.
- No major U.S. companies reported earnings on Monday. Keep an eye on the earnings calendar on Tuesday as Alcoa Inc. (NYSE: AA) unofficially kicks off the earnings season.
- Finally, as we head into the final quarter of 2016, savvy investors are looking for an opportunity to find long-term upside in the markets. Nowhere is there more opportunity to make big money than in the technology sector. [Editor's Note: Today, we outline the three best technology stocks to buy right now. You can read all about them, right here.]
Tuesday's U.S. Economic Calendar (all times EDT)
- NFIB Small Business Optimism Index at 6 a.m.
- Redbook at 8:55 a.m.
- Labor Market Conditions Index at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.