Dow hits record high following Yellen testimony
Stocks (^DJI, ^GSPC, ^IXIC) soar with the Dow hitting a new record high, as Fed Chair Janet Yellen strikes a dovish tone. Plus, bank earnings are nearly here. We preview what could be a huge day for the markets. And, a store of value … or delusion? Author James Ledbetter discusses why the gold debate is back with a vengeance. Plus a look ahead to everything you need to know about tomorrow, today. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance editor-in-chief Andy Serwer.
Winners and losers
Stocks in the red today include Deere & Company as traders take profits after shares hit a 52-week high yesterday; Harley Davidson as Bernstein downgrades shares to market perform claiming upside catalysts are in the ‘rear view;’ and Ocular Therapeautix, with shares getting whacked after the FDA said it would not approve its drug application for the drugmaker’s ocular pain treatment in its current form.
Stocks getting a lift today include Paypal as it struck a deal with Apple to be a payment option in the iTunes store; Grubhub as Cowen upgraded it to outperform claiming its growth profile and leadership are underrated; and American Airlines, with shares soaring after it raised its current quarter guidance for TRASM, or total revenue per available seat mile, a key metric in the airline industry. American cited higher ‘passenger yields’ for the hike.
The fascination behind gold
When stocks fall investors don’t just head for the exits, they flock to gold—the ultimate flight to safety. But why—When no major economy is even on the gold standard anymore? James Ledbetter’s book can help you understand our obsession with the yellow metal. His new book is “One Nation Under Gold: How one precious metal has dominated the American imagination for four centuries.”
