The uptick came despite concerns over falling oil prices and increasing geopolitical tensions. The top stocks to watch today included a clothing designer, an automobile manufacturer, and a fitness device provider.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,090.29; +37.87; +0.19%
S&P 500: 2,293.08; +0.52; +0.02%
Nasdaq: 5,674.22; +10.66; +0.19%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
The Dow Jones gained more than 37 points despite a sharp downturn in crude oil prices and mixed earnings reports from some of the S&P 500's largest companies. Shares of Apple Inc. (Nasdaq: AAPL), Boeing Co. (NYSE: BA), and International Business Machines Corp. (NYSE: IBM) pushed the S&P 500 to a near-record high.
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Gold prices climbed more than 0.2% and neared three-month highs as concerns about the European political and economic landscape continue to rattle investor sentiment. While markets continue to eye the geopolitical impact of President Donald Trump's temporary travel ban, the markets are keeping a close watch across the Atlantic. In Germany, the country's manufacturing and construction sectors saw their largest production decline in nearly eight years. Meanwhile, the idea of a "Frexit" - or France's departure from the European Union - is gaining steam.
But geopolitics are just one reason that gold prices are set to push higher. This afternoon, Money Morning revealed the six catalysts driving our gold price forecast. These factors should easily push gold prices past their all-time high of $1,895 within the next few years. That's a 53% gain from the current gold price of $1,236 an ounce. Here's what you need to know.
Markets have been sliding in recent trading sessions as investors question when President Trump will proceed with tax cuts and cutting red tape for Wall Street. This accelerated Tuesday after former Congressman Barney Frank warned that killing the Dodd-Frank Act could accelerate a new financial "crisis."
So, why does repealing Dodd-Frank matter? Find out, right here.
Crude oil prices were down on concerns of falling gasoline demand, rising U.S. inventories, and a stronger U.S. dollar. U.S. gasoline stockpiles jumped by almost 21 million barrels during the first 27 days of the year, a massive jump in supply.
Must Read: Kent's 2017 Oil Price Forecast
The WTI crude oil price today dipped 1.6%. Meanwhile, Brent crude lost 1.09%.
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But the big news today is General Motors Co. (NYSE: GM).
The auto company's stock slumped nearly 5% after the company reported a decline in Q4 net income. The company blamed the falling British pound for eating into its profits and later issued a weak 2017 forecast. Investors are also concerned about the company's rising number of vehicles that remain unsold and sitting in inventory in the United States.
The weak earnings report rattled shares of rivals Ford Motor Co. (NYSE: F) and Fiat Chrysler Automobiles NV (NYSE: FCAU), which fell by 1.4% and 4.6%, respectively.
Must See: What do billionaires Peter Lynch, President Trump, and a retired cop from Northridge have in common? They've all benefitted enormously from a curious Great Depression-era "program." And even though most have no idea this exists, it could be worth $68,870 or more to the average American. Continue reading...
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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.