Major Indices End Up for the Week on Hope of Greek Deal

Weekly Wrap Up

Major indices ended up for the week as investors became increasingly confident that a deal would be reached over the Greek debt crises, and Greece ratified futher austerity measures. The Dow ended at almost 13,000 and the S&P 500 came close to its 2011 high. A slew of positive economic data also helped--US manufacturing rose in January, and foreclosures fell by 19 percent. House building sentiment was also up this month. On the whole, the week gave much reason for investors to suppose that the recovery would be sustained. More Market News

Economic News

Foreclosures fall in January, but heading up again
U.S. foreclosure filings fell 19 percent in January, compared to the same month a year ago, but will likely rise in the coming months, according to a report released Wednesday by RealtyTrac.
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WRAPUP 3-US manufacturing, housing data flag underlying strength
U.S. manufacturing output rose in January and a gauge of factory activity in New York state hit a 1-1/2-year high in February, showing a solid underpinning for the economic recovery. Click here to read the full article
UPDATE 2-S&P ups outlook on California ratings to positive
Standard & Poor's on Tuesday said California is on track to possibly win a higher credit rating because of action taken to close budget gaps, and the ratings agency revised its outlook to positive from stable on all long-term and underlying ratings. Click here to read the full article
Home Building Sentiment on the Rise
A widely watched gauge of builder sentiment, the NAHB/Wells Fargo Housing Market Index, increased for the fifth consecutive month in February, rising from 25 to 29, according to a report released by the National Association of Home Builders. Click here to read the full article

Business News

Empire State Building IPO: It's No King Kong
A realty trust controlling the tower and 11 other properties in Manhattan, upstate New York, and Connecticut will attempt a $1 billion public offering in the coming months. Named for the group’s iconic crown jewel, Empire State Realty Trust will list on the New York Stock Exchange and trade under the “ESB” ticker, according to its Securities and Exchange Commission fillings. Click here to read the full article
Comcast Shares Rally On Q4 Beat; Div Hike; Big Buyback
For Q4, the cable and entertainment giant posted revenue of $15.04 billion, up 54.7% from a year ago, reflecting the acquisition of NBCUniversal, up 3% on a pro forma basis adjusting for the deal and ahead of the Street at $14.87 billion. Profits of 47 cents a share were well ahead of the Street at 41 cents. Click here to read the full article
Kellogg's to buy Pringles from P&G for $2.7bn
The move will see Kellogg's snack operation almost triple in size and contribute the same level of revenue to the group as its traditional cereals division. About 1,700 employees will transfer to Kellogg with the Pringles business. Click here to read the full article
GM Cuts Benefits for Salaried Staff
General Motors Co. is freezing the pay of its 26,000 U.S. salaried employees and will eliminate its traditional pension contribution for those salaried workers who still receive them in moves to reduce financial risks and cut costs. Click here to read the full article

Technology Focus

Mergers: Commission approves acquisition of Motorola Mobility by Google
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Motorola Mobility, a developer of smartphones and tablets, by Google, the world's largest internet search and search advertising company and developer of Android, one of the most popular mobile operating systems. The Commission approved the transaction mainly because it would not significantly modify the market situation in respect of operating systems and patents for these devices. Click here to read the full article
Amazon Shares Fall After Downgrade Inc., the world's largest Web retailer, fell as much as 5.1 percent after Morgan Stanley downgraded the stock, citing competition from Apple Inc. (AAPL) and the decline of traditional media such as CDs and video games. Click here to read the full article

Your Money

China hearts U.S. But not as much as it used to.
China still holds a gargantuan amount of U.S. bonds -- $1.1 trillion as of December, according to the latest figures from the Treasury Department released Wednesday. Still, that's down from $1.17 trillion in July and it is the lowest level in a year. But what's $70 billion or so among frenemies? Click here to read the full article
Published on Feb 16, 2012
By InvestorGuide Staff

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