Fed's Beige Book Finds the Economy Expanded Modestly (GS, JPM)
Trading volume remained relatively low on Wednesday as most analysts await the rest of fourth-quarter results. Banks such as JPMorgan Chase (JPM) and Goldman Sachs (GS) released their quarterly reports, both exceeding estimates and causing shares to climb. Apple (AAPL) finally rebounded today with a surge of 4.2% and helped the tech industry out after losses during previous sessions. After the bell EBay (EBAY) reported earnings that only narrowly beat expectations for Q4.The Federal Reserve released their Beige Book which analyzes recent business activity. The survey showed that home and auto sales caused economic activity to increase for the month of December and that a growth in business equipment demand sent industrial production higher. The US dollar finished the day with slight gains over the euro. Also on Wednesday President Obama urged Congress to act on his proposals for tightened US gun-control laws.
Word on the Street
- Fed releases latest Beige Book, economy is boosted by auto and home sales.
- Goldman Sachs (GS) reports Q4 earnings that exceeded expectations.
- Homebuilder confidence holds steady in January near seven-year highs.
- Workers' see real wage gains at end of year due to the subdued rate of inflation.
- JPMorgan Chase's (JPM) senior risk officer Peter Weiland resigns.
- Pinnacle gets approval to come out of a bankruptcy protection of Delta Air Lines Inc. (DAL).
- EBay Inc. (EBAY) reports 17% jump in adjusted earnings, beating expectations on Wall Street.
- Dell (DELL) in talks for a leveraged buyout.
Published on Jan 16, 2013By InvestorGuide Staff