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The Dow Jones Industrial Average continued its historic run in pre-market trading, adding an additional 103 points to yesterday's record high. This morning's gain came after Moody's Analytics announced the U.S. economy added 230,000 jobs last month.
The figure is well ahead of economists' average forecast of 185,000 and the 168,000 positions added in August. Moody's economist Mark Zandi also predicted Wednesday morning that the official unemployment rate will fall to 3% within a year.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
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The Top Stock Market Stories for Wednesday
- Oil prices are on the move after Russia and Saudi Arabia announced they will increase production. According to Reuters, both countries informed the United States in September during a meeting in Tunisia that they will bolster output.
- Gold prices are sitting just above $1,200 one week after the U.S. Federal Reserve raised interest rates for the third time this year. However, Money Morning Resource Specialist Peter Krauth has predicted a big bounce for gold prices in the coming months. Just how high will gold bounce thanks to the ongoing geopolitical problems around the globe? Find out right here.
Three Stocks to Watch Today: BABA, JCP, AAPL
- Shares of Alibaba Group Holding Ltd. (NYSE: BABA) were on the move after a huge recommendation by Goldman Sachs Group Inc. (NYSE: GS). The investment bank reiterated its "Buy" rating and raised its price target to $247 per share. Goldman said that the stock will outperform as it expands into new markets in China. Here's another reason to own BABA stock today.
- Shares of JC Penney Co. Inc. (NYSE: JCP) announced that Jilly Soltau will take over as chief executive officer. Soltau is the former CEO of Joann Stores, and she will also take a seat on the board of directors.
- Apple Inc. (NYSE: AAPL) CEO Tim Cook is generating headlines. Cook blasted technology companies over data privacy and said that any firm that requires customer data is "a bunch of bunk." Cook appeared to be speaking about rivals like Facebook and Google, which share consumer data with third parties.
- Look for earnings reports from Lennar Corp. (NYSE: LEN), Pier 1 Imports Inc. (NYSE: PIR), Acuity Brands Inc. (NYSE: AYI), RPM International Inc. (NYSE: RPM), and SYNNEX Corp. (NYSE: SNX).