Wall Street Rebounds After Bernanke Comments Ease Investors' Concerns (HD, M)
Following a Monday in which they saw their worst day since November, stocks rebounded on Tuesday after comments from Ben Bernanke that defended the Fed's bond-buying stimulus program and quelled investors' worries that it may pull back on stimulus measures. Positive news also came in from the real estate industry as home prices shot up as a result of less supply and higher investor demand. New home sales also reached their highest level in 4 1/2 years. Shares of Home Depot (HD) shot up over 5% as the company reported better-than-expected earnings while Macy's (M) jumped nearly 3% after it stated that it expects yearly earnings to beat forecasts.European stocks continued to struggle over the uncertainty of the Italian elections.
Word on the Street
- JPMorgan (JPM) announced plans to save $1B through various cost cuts and 4,000 layoffs.
- Google (GOOG) is planning to start a subscription music streaming service.
- In an effort to reduce costs, Best Buy (BBY) has announced plans to cut about 400 jobs at its headquarters in Minnesota.
- US banks reported Q4 profits were up 37%, their highest level in 6 years.
Published on Feb 26, 2013By InvestorGuide Staff