On Wednesday stocks declined after the Federal Reserve failed to offer new policy measures and weak manufacturing reports were released from the US, Europe and China. Investors now await tomorrow’s ECB meetings and look for concrete actions for the euro zone. Earlier today the market experienced a software glitch affecting trading for about 140 different stocks, including 9 from the Dow. The US auto sales report including General Motors (GM) and Ford (F) announced softer than expected sales for the month of July. On a positive note, Comcast (CMCSA) showed a quarterly profit that was higher than expected due to additional services as well as Allstate (ALL) which also made quarterly gains. The dollar inched higher to both the euro and the yen and all three metals saw drops in trading.
Word on the Street
- The Fed maintains their pledge to take further stimulus steps but takes no action, disappointing investors.
- The auto market reports a US slowdown for the month of July with sales softer than expected.
- Time Warner Inc. (TWX) sees a large drop in second quarter earnings as film and publishing revenues fell.
- US manufacturing unexpectedly contracted in July for the second month in a row and threatens economic recovery.
- Stock market glitch on Wednesday causes disruptions and irks traders.
- Global currencies react to the lack of action from the Fed - the dollar makes gains against the euro and the yen.
- Comcast (CMCSA) increases their earnings as it develops Internet, voice and other services.
- Burger King (BKW) makes progress worldwide after their menu overhaul and partnership formations.
- PR lessons learned from the recent Chic-fil-A crisis over the president’s controversial comments.
- Notes on an internship and the need for companies to connect to younger generations through social and digital media.