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Six Week Rally Ends on Wall Street, Hopes are High After Comments from Bernanke

By: , dated August 24th, 2012

Weekly Wrap Up

Global markets saw many ups and downs throughout the week while Wall Street indices were weak overall. The US markets ended what was a six week streak of gains. Throughout the week important leaders met to discuss the euro zone crisis and future actions. The ECB met on Tuesday and minutes from the Fed’s most recent policy meeting were released on Wednesday, driving investor hopes for stimulus.

A report was released that US home resale numbers were up for July. Companies such as HP (HPQ: Charts, News) and Guess (GES: Charts, News) saw disappointing results but several large corporations like IBM (IBM: Charts, News) and Wal-Mart (WMT: Charts, News) are nearing multi-year highs. More Market News

Economic News

Stocks pop on Fed chairman’s letter
The stock market keeps getting tossed around by the Fed.Stocks opened lower Friday but turned around, heading higher after a letter surfaced from Federal Reserve Chairman Ben Bernanke making clear he thinks the central bank can do more to bolster the ailing economic recovery and help lower unemployment. Source: USA Today. Click here to read the full article
Merkel Backs Samaras on Greece’s Euro Future in Snub to Critics
Chancellor Angela Merkel said that Germany will stand behind the Greek government as it struggles to overhaul the economy, rebuffing European critics who advocate Greece’s exit from the euro. Source: Bloomberg. Click here to read the full article
US Capital Goods Orders Decline Most Since November
Demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, a sign manufacturing will contribute less to the economic expansion. Source: Bloomberg Click here to read the full article

Business News

H-P Posts Loss, But Beats View; Shares Up
ewlett-Packard Co. (HPQ: Charts, News) on Wednesday reported a fiscal third-quarter loss of $8.9 billion, or $4.49 a share, compared with a profit of $1.93 billion or 93 cents a share for the year-earlier period. Revenue came in at $29.7 billion, down from $31.2 billion. Source: MarketWatch. Click here to read the full article
Citigroup Private Bank Said To Redeem From Paulson Fund
Citigroup Inc.’s (C: Charts, News) private bank is pulling about $410 million from Paulson & Co., the hedge fund seeking to reverse record losses in 2011, according to two people familiar with the matter.
The private bank is redeeming from Paulson’s Advantage Fund and Advantage Plus Fund, said the people, who asked not to be identified because the information is private. Citigroup is also pulling from the Merger and Recovery Funds, the people said. Source: Bloomberg. Click here to read the full article
Aetna Buys Coventry for $5.7 Billion
This week, health insurance company Aetna (AET: Charts, News) surprised investors when it announced that it would acquire rival Coventry Health Care (CVH: Charts, News) for $5.7 billion to increase its stake in the government-funded coverage market. Source: InvestorGuide.com. Click here to read the full article

Technology Focus

Amazon Hits All-time High, Autodesk Plunges
Shares of Amazon.com (AMZN: Charts, News) hit an all-time high Friday as the company unveiled an expanded deal with NBC Universal and as speculation about a new tablet continued.
But the tech sector took a hit from shares of Autodesk Inc. (ADSK: Charts, News), which plunged, sustaining the worst drop within the S&P 500 Index(SPX) after the design software company’s disappointing results left investors stunned. Source: Fox Business. Click here to read the full article
Apple and Samsung hit by Korea bans
A South Korean court has dismissed claims by Apple (AAPL: Charts, News) that Samsung Electronics copied the design of its iPhone, but banned the sale of more than a dozen tablets and smartphone models made by both companies over patent infringements. Source: Financial Times. Click here to read the full article

Your Money

What Successful People Do With The First Hour Of Their Work Day
How much does the first hour of every day matter? As it turns out, a lot. It can be the hour you see everything clearly, get one real thing done, and focus on the human side of work rather than your task list. Source: Fast Company. Click here to read the full article
Inc. 500: Gotta Love These Companies
All Inc. 500 companies are doing something right; they’ve made it onto the preeminent list of America’s fastest-growing private firms. But not all companies are created equal. Here’s nine Inc. 500 companies that are extraordinary in some particular way–whether it’s a company mission, value, or just one incredibly cool office space. Source: Inc.com. Click here to read the full article
This article was brought to you by the InvestorGuide Staff Writers and Editors.

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