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In Dow Jones news, the Dow added 44 points Friday after another major economic data point suggested the U.S. Federal Reserve will raise its benchmark interest rate next week.
The Department of Labor announced nonfarm payrolls increased by 235,000 jobs last month, topping expectations and signaling robust health in the jobs market.
Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,902.98; +44.79; +0.21%
S&P 500: 2,372.60; +7.73; +0.33%
Nasdaq: 5,861.73; +22.92; +0.39%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
Dow Jones News: Dow Ticks Higher as Fed Poised to Raise Rates
The Dow Jones moved higher Friday as investors cheered the February jobs report. However, this raised expectations that the Federal Reserve will increase interest rates when it meets next week. In addition to the unemployment rate falling to 4.7%, the Labor Department also said the U.S. economy created 9,000 more jobs that previously calculated.
Despite the uptick in rate hike expectations, the top banking stocks fell this afternoon. Shares of Goldman Sachs Group Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), and Morgan Stanley (NYSE: MS) all slid in afternoon trading.
We break down the ramifications of another interest rate hike in March and if it could cause the next stock market crash. Here's what you need to know.
The WTI crude oil price today slid and fell below $49.00 per barrel for the first time in 2017. WTI fell 1.6%, while Brent prices also slumped 1.6%. Traders are growing increasingly concerned that supply is outpacing demand. Those fears have been exacerbated this week on news that U.S. inventory levels hit a new record, Saudi Arabia may not be willing to make deeper cuts in its output levels, and the number of U.S. production rigs have increased for 10 straight months. This afternoon, Baker Hughes Inc. (NYSE: BHI) said the number of domestic rigs increased by eight platforms last week. It was the eighth consecutive week that the number of rigs increased.
The gold price in 2017 has been sliding over the last two weeks as investors prepare for a rate hike. Gold prices hovered just above $1,200 per ounce Friday, and this level could be a very good entry point for investors. Money Morning Resource Specialist Peter Krauth projects the price of gold will hit $1,265 by mid-year. But the real profits will be made toward the end of 2017. To see Krauth's year-end gold forecast, go here now.
But the big story is Greece.
The country is quickly running out of money, and an economic crisis in Greece could fuel a serious problem for investors' portfolios. The nation's debt load has exploded since the Great Recession in 2008. Even worse, the requirements placed on Greece to receive bailout money have stifled its economy.
What happens next and what should you do to protect your portfolio? Here's everything you need to know...
Stock Market News and Top Stocks to Watch Today: March 10, 2017
- Shares of AbbVie Inc. (NYSE: ABBV) added more than 2% after the company received a positive report from Goldman Sachs Group Inc. (NYSE: GS). The investment bank added the drug company to its Conviction Buy list and said the markets "continue to underappreciate the substantial cash flow generation from Humira (which treats Crohn's disease) over the next five years and the company's diversified late-stage pipeline," according to the research report.
- Shares of Delta Air Lines Inc. (NYSE: DAL) were up over 1% despite news the federal government has levied a fine on the airline company. The U.S. Department of Transportation issued a $90,000 fine because the airline did not provide adequate food service on four flights that experienced lengthy tarmac delays. Here's more on the fine and the top stocks to watch this afternoon.
- In earnings news, shares of Finisar Corp. (Nasdaq: FNSR) plunged over 22% after the network equipment manufacturer fell well short of Wall Street revenue expectations. The weak Q3 earnings report fueled a round of price cuts by investment firms, including Piper Jaffray and Stifel.
Monday's U.S. Economic Calendar (all times EST)
- Labor Market Conditions Index at 10 a.m.
- 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.
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.