US markets were unable to sustain the momentum gained yesterday, recording mixed results on Thursday. More economic optimism came early in the trading day after China decide to cut their interest rates in an attempt to spur the slowing exponential growth of the country. But Federal Reserve Chairman Ben Bernanke curbed early gains with an uneventful testimony, sending markets back down. The Dow rose moderately, but the S&P 500 and NASDAQ were essentially flat.
In corporate news, Oracle (ORCL) began debuting their new cloud products as the market continues to get even more crowded. Best Buy (BBY) founder Howard Schulze decided to call it quits and is considering selling his 20% share in the electronic retailer.
Word on the Street
- US markets mixed after uneventful testimony from Federal Reserve Chairman Ben Bernanke.
- China slashes interest rates as the exponential growth continues to slow for the Asian powerhouse.
- Best Buy (BBY) founder Schulze resigns as chairman, exploring selling 20% stake.
- Consumer credit rose in April for the eighth consecutive month.
- Initial jobless claims slide, in a good way, to 377k last week.
- Oracle (ORCL) head Larry Ellison joins Twitter as the tech giant debuts suite of cloud products.
- Virgin Mobile set to offer prepaid plans for Apple (AAPL) iPhone.
- How Hewlett-Packard (HPQ) CEO uses Starbucks (SBUX) as a source of inspiration.