Standard Chartered Reaches Settlement, Retail Sales Lift Economic Hopes (HD, WFC)
Good news on Tuesday came from a July retail sales report announcing the largest increase in four months for the US. Although the German economy expanded more than expected, the eurozone reported tepid growth figures for the last quarter. In trading news, Internet struggled as Groupon (GRPN), Facebook (FB), Angie's List (ANGI) and others extended losses. Home Depot (HD) announced larger than expected revenues and Standard Chartered reached a settlement with a New York banking regulator over their recent money laundering charges.Trading volume was light in what was described as a fatigued market after the S&P 500's recent streak. The US dollar made gains against both the euro and the Japanese yen.
Word on the Street
- Standard Chartered and New York's top banking regulator have reached a settlement over laundering charges.
- Pressure is mounting on European leaders to take action to help the declining eurozone.
- Wells Fargo (WFC) may be paying $6.5 million to settle risk disclosure charges from the SEC.
- July retail sales in the US rose for the first time in 4 months as consumer demand climbed.
- Both Groupon (GRPN) and Angie's List (ANGI) joined the tech sector in a slump on Tuesday.
- Home Depot (HD) beat profit estimates for the last quarter and is raising outlook for the year.
- Google (GOOG) buys Frommer's travel brand from John Wiley & Sons to join Zagat team.
- Facebook (FB) Fails as the Stock Plunges to New Lows.
- Starbuck's (SBUX) acquisition of Square shows that small innovation may be the next new thing for venture capital.
- How to bolster your self of assurance at work and become more confident on the job.
Published on Aug 14, 2012By InvestorGuide Staff