The S&P 500 just barely extended its rally to five days on Thursday. Nasdaq also had positive gains led mostly by Cisco Systems (CSCO). Unemployment applications in the US fell by 6,000 over the past week and the US trade deficit was reported as the smallest in about a year in a half for June–two signs that give hope for the economy. The Postal Service reported a $5.2 billion loss for its third quarter and Cargill saw its profits dip to the lowest in ten years. Tech was up today due positive reports from both Nvidia Corp. (NVDA) and Fusion-io (FIO). The dollar made gains against other global currencies, while the euro declined.
Word on the Street
- After the weekly report release, jobless claims have dropped by 6,000 to a seasonally adjusted 361,000.
- Carlyle Group plans deal with the TCW Group, likely to close by the end of 2013′s first quarter.
- Google (GOOG) fined $22.5 million by the Federal Trade Commission for privacy violations in Safari.
- Auction of 30-year bonds boosts US Treasurys, offsetting prior weak auctions earlier this week.
- Cisco Systems (CSCO) made solid gains after positive assessments from Wall Street.
- Cargill sees lowest profits in almost a decade, tripped up by macroeconomic uncertainty and the eurozone.
- E*Trade Financial (ETFC) gets rid of Steven Freiberg, its CEO, after two years of his four year contract.
- The Postal Service reports a $5.2 billion loss for the quarter ending June 30.
- Priceline (PCLN) Tops Estimates, But Weak Guidance Sinks Shares.
- Are you an aspiring founder? What are currently the best places to start a company?
- One family’s take on what works and doesn’t work when teaching money lessons to your kids.