Dow Jones Industrial Average Soars Over 100 Points as Index Sets New All-Time High

Garrett Baldwin

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.

Follow topic

Morning Market Alert

Get an exclusive look at what's going on in the markets at the start of each day.

×

You're signing up for free Morning Market Alert updates from Money Morning Profit Alerts. Just enter your email address:

By submitting your email address you will receive a free subscription to Profit Alerts and occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about our privacy policy.

Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:

Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.

Critical: A breakthrough technology could disrupt every major industry, and one tiny company is at the center of it all. Its stock is trading for less than $10 now, but could deliver a 471.9% gain for early investors. Learn more…

Money Morning Insight of the Day

I need you to meet Tim Melvin.

Over the last five years, he's issued 119 trades with 0 realized losses. All of his 32 closed positions have been winners. And as of Aug. 8, 85 of his 87 open positions are up in price. If you're serious about making money… if you want to live the life you've always dreamed, then it's time to step up.

Get an exclusive invitation to meet Tim before everyone else right here.

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).

Follow Money Morning on Facebook, Twitter, and LinkedIn.

Garrett Baldwin

About the Author

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

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.

… Read full bio