Markets surged 1.5 percent on Friday as investors felt renewed hope that China and Europe will boost their stimulus efforts. China reported a lower than expected 7.6 percent GDP figure, marking its slowest growth in 3 years, which has many believing that the government will step in and try to jump start its economy. Shares of JPMorgan Chase & Co. (JPM) surged 5.8 percent as CEO Jamie Dimon said the company would likely see record earnings this year even after reporting a $4.4 billion trading loss in Q2. The S&P 500 erased all of its losses from earlier in the week after trading up 1.65 percent Friday.
Word on the Street
- Shares of Green Mountain (GMCR) fall by more than 7 percent as analysts cut its FY13 earnings estimate.
- Report: American consumer sentiment dropped again to its lowest level in seven months.
- Amazon (AMZN) plans to debut smartphone.
- Oil rises for the third straight day, but remains down 12 percent for the year.
- Pimco forecast that it expects real U.S. growth to be about 1.5 percent annually over the next ten years.
- Hewlett-Packard Co (HPQ) shares fall to their lowest level in over seven years as demand for printers is forecast to slow.
- Billionaire Naguib Sawiris agreed to buy Canada’s La Mancha Resources Inc. (LMA:CA) for $493 million.
- The Gmail logo was designed the night before it was launched.
- Microsoft (MSFT) made just $16,005 in revenue in its first year of operation.