Weak Asian Data Overshadows Markets, S&P Maintains Streak

The markets were overshadowed by Chinese data today after the country signaled a slowing economy. Due to Asian declines investors and turning towards hopes of policymaker stimulus action even more. Big news came from JC Penney (JCP) whose shares rose despite negative earnings. This comes from high expectations of the company’s recently hired Ron Johnson, a former Apple (AAPL) employee. Goldman Sachs Group (GS) who will not be charged by the Justice Department for allegations of deceit. The USDA warned that the current US drought, the worst in at least half a century, will most likely cause food prices that break records. The S&P 500 continued its streak of positive gains through Friday.

Word on the Street

• The current drought has become the United States’ worst in 17 years, USDA projects slump.
• Five of the US’ biggest banks told by regulators to make plans for preventing collapse.
• Weak Chinese data causes declines in global stocks while investors still await stimulus.
• JC Penney (JCP) sees huge earnings loss yet shares soar with formerly Apple’s (AAPL) Ron Johnson.
• Federal Trade Commission approves settlement of Facebook (FB) privacy charges.
• IBM (IBM) may be interested in a division of Canadian company Research in Motion (RIMM).
• Goldman Sachs (GS) will not be facing criminal charges for mortgage securities.
• Monster Beverage (MNST) Fails to Produce Monster Earnings.

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