The week’s rally was extended on Friday from the Fed’s announcements on Thursday for their new QE3 stimulus plan. Both Apple (AAPL) and Exxon Mobile (XOM) are close to multi-year highs as Apple reaches almost $700 per share. A report was released that US retail sales increased more than was expected for the month of August and consumer prices were up as well. The Dow Jones announced it will be switching out Kraft Foods (KFT) for UnitedHealth Group (UNH), sending shares of UnitedHealth up Friday afternoon. Staples Inc. (SPLS) also saw its stock rise after talks that it may be considering a buyout. The dollar was down even further due to Bernanke’s statements yesterday and fell to its lowest against the euro in several months.
Word on the Street
- The dollar drops against most currencies on Friday at hits four-month lows after QE3 announcements.
- Egan-Jones downgrades the US credit rating to “AA-“ on concerns of the Fed’s new round of QE3.
- Bank of America (BAC) agrees to settle accusations about mortgage applicant discrimination.
- The Dow is replacing Kraft Foods (KFT) with UnitedHealth (UNH) as Kraft plans to downsize.
- TIPS (TIP) ETFs hit a new high due to inflation worries in the US.
- Oil prices continue to push higher after the Fed’s stimulus announcement on Thursday.
- The NYSE settles trading data accusations from the Securities Exchange Committee.
- Logitech (LOGI) Struggles as New CEO Takes the Reins.
- How the workplace is changing as more and more millennials climb the corporate ladder.
- Hot mobile startups that are bypassing websites and going straight to the App Store.