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Tags: Dow Jones
Stocks: AA, CBS, DB, MYL

Dow Jones Industrial Average Today Pushes Higher with Oil Prices in Focus

By Garrett Baldwin, Executive Producer, Money Morning • October 10, 2016

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Garrett BaldwinGarrett Baldwin

Dow Jones Industrial AverageThis morning, the Dow Jones Industrial Average was climbing higher as investors eyed oil prices and monitored the Federal Reserve.

Investors continue to anticipate that the central bank will hike interest rates in December.

But because of the uncertainty around the election, some investors are not investing. However, investors have many ways to make money right now.

One of the most interesting and exciting is the method developed by Money Morning guru Tom Gentile.

Be sure to check out his latest insight on the markets, right here.

On Friday, the Dow fell 28 points thanks to a weak jobs report and a slump in oil prices. Energy stocks were off on the day, led by a 0.4% decline in Exxon Mobil Corp. (NYSE: XOM).

Friday's Stock Market Numbers:

Dow Jones: 18,240.49; -28.01; -0.15%

S&P 500: 2,153.74; -7.03; -0.33%

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Nasdaq: 5,292.40; -14.45; -0.27%

Now let's look at the most important market events and stocks to watch today, plus your economic calendar, for Oct. 10, 2016.

What's Ahead for the Dow Jones Industrial Average Today

The Dow Jones Industrial Average projected an 87-point gain as investors weighed last night's debate and eyed rising oil prices. On Sunday night, Donald Trump and Hillary Clinton sparred at Washington University on Obamacare, business taxes, the Syrian Civil War, and, of course, Trump's "locker room talk."

Trending: How to Shield Your Portfolio Using Nothing but Your "Collar"

The Fed is back in focus after Friday's jobs report. The U.S. economy added 156,000 jobs in September, roughly 20,000 short of economist expectations.

Oil prices were climbing to a four-month high despite news that traders continue to be skeptical about OPEC's November production deal. 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 1.4% early this morning, while the Brent crude oil price added 1.4%.

The big story this morning is about Twitter Inc. (NYSE: TWTR). Shares of the microblogging stock are off 13.7% in pre-market hours as potential suitors continue to walk away from any possible deal. Walt Disney Co. (NYSE: DIS) and Alphabet Inc. (Nasdaq: GOOGL) are both out of the running, according to multiple reports. There is speculation that Salesforce.com Inc. (NYSE: CRM) may make a bid, but the elimination of several other candidates will likely reduce any premium that traders had anticipated. Mizuho analysts warned that a Twitter deal could reduce Salesforce's stock value by as much as 25%.

Stocks to Watch Today, Oct. 10, 2016

  • Shares of Mylan NV (Nasdaq: MYL) are in focus this morning after the EpiPen manufacturer agreed to pay a stunning $465 million to settle claims that it overcharged the U.S. government for its products. The firm had been accused of falsely classifying its allergy cure as a generic product.
  • In deal news, shares of CBS Corp. (NYSE: CBS) were on the move as investors continue to eye progress on the firm's pending deal with Viacom Inc. (Nasdaq: VIAB).
  • Once again, Deutsche Bank AG (USA) (NYSE: DB) is back in the news. Shares are trending upward as investors eye progress on the possible settlement with the U.S. government on handling mortgage-backed securities. In pre-market hours, DB shares were up 1.5%.
  • No major U.S. companies report earnings on Monday as today is Columbus Day. Check back tomorrow as Alcoa Inc. (NYSE: AA) unofficially kicks off earnings season.

Today's U.S. Economic Calendar (all times EDT)

  • Labor Market Conditions Index at 10 a.m.
  • TD Ameritrade IMX at 12:30 p.m.
  • Chicago Federal Reserve Bank President Charles Evans speaks 10 p.m.

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Garrett BaldwinGarrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

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.

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