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The Dow Jones Industrial Average hit a new all-time high on Friday as investors cheered a huge boost in healthcare stocks. Optimism also continued to swell over the expected fiscal policies of President-elect Donald Trump.
The incredible post-election rally has the Dow now within striking distance of 20,000. So, when will we see Dow 20,000? Find that answer, right here.
Healthcare stocks rallied 1.3% on the day thanks in part to a big pop in Biogen Inc. (Nasdaq: BIIB). The firm's shares added more than 4% after it announced its experimental Alzheimer's drug is showing positive results. Early studies show it reduces the risk of brain swelling when higher doses are introduced to patients.
Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,756.78; +141.97; +0.72%
S&P 500: 2,259.53; +13.34; +0.59%
Nasdaq: 5,444.50; +27.14; +0.50%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
DJIA Today: Dow Hits New High Thanks to Ongoing Trump Market Rally
The Dow Jones hit another record high - adding 141.97 points - after global markets rallied thanks to a positive round of economic data from China. China's consumer price index was up 2.3% in November year over year, while its producer price index was up 3.3% in the same period. Here's more about China's economic bump.
The incredible seven-year bull rally has really accelerated in recent weeks thanks to increased optimism over the incoming Trump administration. The markets certainly look a little frothy, which is why we're analyzing the 1929 stock market crash versus today. While there are some key differences between the two periods, we want to remind investors to be prepared for a market crash, especially when the Dow is breaking record highs again... Here's how to protect yourself.
Meanwhile, investors are still cheering the European Central Bank's plans to maintain interest rates at their current levels and extend its quantitative easing program through December 2017. On Thursday, the central bank said it will maintain its purchasing level at 80 billion euros per month and drop that figure down to a pace of 60 billion euros each month for the duration of the year.
Gold prices had their fifth consecutive weekly decline as concerns about an interest rate hike and a stronger U.S. dollar weigh on commodities. The price for an ounce of gold dropped to $1,164 on Friday as investors continue to shift away from the yellow metal to riskier assets in the wake of Donald Trump's election.
The WTI crude oil price today ticked back above $51 per barrel and finished the day up 1.2%. Meanwhile, Brent crude added 0.5% as traders showed increased optimism that non-OPEC producers will cut back on crude output in order to help support prices. Russia announced plans to cut around 300,000 barrels per day. OPEC is hoping for similar commitments from Mexico, Sudan, and Azerbaijan.
But the big news sliding under the radar is today's investment opportunity. The markets may be at record highs, but there is actually a huge profit opportunity from one of the worst stocks on the market right now. Money Morning Global Credit Strategist Michael Lewitt believes "the stock is headed much lower and is a prime candidate for you to profit from." Here's what you need to know.
Top Stock Market News Today, Dec. 9, 2016
- One of our favorite stocks for 2017 is Apple Inc. (Nasdaq: AAPL). The technology manufacturer continues to make headlines each week as global demand for its products soars. But one story that you might have missed is that Apple is investing in Chinese wind power. And it's doing it with one huge goal in mind that could revolutionize how the company makes its products. Here's more on that huge development.
- In deal news, Twenty-First Century Fox Inc. (Nasdaq: FOX) made a big splash by purchasing the last remaining stake of British television provider Sky that it doesn't already own. The Rupert Murdoch-led firm paid roughly $23.3 billion for the remaining 60% of the broadcaster. Shares of Sky Plc. (OTCMKTS ADR: SKYAY) gained 26% on the day.
- The Coca-Cola Co. (NYSE: KO) saw its stock gain more than 2.4% despite news that its CEO Muhtar Kent plans to step down from his role in May 2017. The company announced that its COO James Quincey will take over for Kent.
- Shares of Restoration Hardware Holdings Inc. (NYSE: RH) plunged more than 17% after the company slashed its full-year outlook. The company said it expects its sales to be weak during the holiday season, a common theme among retailers this month.
- In earnings news, shares of Vail Resorts Inc. (NYSE: MTN) gained more than 4% despite news that the holding company fell short of top- and bottom-line earnings expectations. The company reported its earnings per share (EPS) loss of $1.70 on top of $178.27 million in revenue. Wall Street analysts expected the firm to report an EPS loss of $1.57 on roughly $185 million in revenue.
Monday's U.S. Economic Calendar (all times EST)
- Four-Week Bill Announcement at 11 a.m.
- Three-Month Bill Auction at 11:30 a.m.
- Six-Month Bill Auction at 11:30 a.m.
- Three-Year Note Auction at 1 p.m.
- 10-Year Note Auction at 1 p.m.
- Treasury Budget at 2 p.m.
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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.