Bernanke Doesn't Say Much, Stocks End Positive on Tuesday (YHOO, GS)
Earlier losses on Tuesday were erased at the end of the day with US stocks rising after the Fed's Ben Bernanke made another assessment of the economy and future central bank actions. Third quarter quantitative easing may be coming soon even though Bernanke remained fairly tight-lipped. Goldman Sachs (GS) reported a net falling of their quarterly earnings. HSBC is facing $1 billion in fines for a decade-long compliance failure and possibly facilitating money laundering between Mexico and the US. Yahoo (YHOO) appointed Google's (GOOG) Marissa Mayer as its new president.Home builder confidence jumped to its highest level since March 2007 and saw the largest growth in almost a decade.
Word on the Street
- During Tuesday's testimony, Bernanke offers no hints of the central bank's plans.
- The US may be heading towards a crash worse than the 2008 recession and Europe's current crisis.
- Marissa Mayer, as the company's new CEO, plans to reinvigorate Yahoo's (YHOO) products.
- Goldman Sachs (GS) faces pressure and sees quarterly earnings drop 12%.
- Home builder market experiences largest confidence growth in almost a decade.
- FedEx (FDX) will risk losing business with US Postal Service (UPS) when contract goes up for bid next year.
- Second-quarter earnings for Intel (INTC) fall short of expectations as the economic slowdown in China continues.
- Citigroup (C) Posts a 12% Decline in Net Income.
- Social media isn't a passing fad - why are so many CEOs holding out?
- The connection about what business-school professors are teaching and the current amoral culture and recent financial sector scandals.
Published on Jul 17, 2012By InvestorGuide Staff