Street Ends Down on Friday; Consumer Sentiment and Industrial Production Reports Released
On Friday a string of economic reports were released that caused the major indices to end their recent positive runs. The Dow is getting a breather after seeings its longest winning streak in over sixteen years. The US consumer price index for February rose 0.7% and industrial production increased as well. Consumer confidence dropped unexpectedly for the month of March on disapproval of recent government spending cut decisions and lack of confidence in the jobs market. The Federal Reserve reviewed capital plans at several major banks today. JPMorgan (JPM) fell after learning it would need to resubmit plans by September, while Bank of America (BAC) rose 3.4% after its capital plan was approved.Groupon (GRPN) surged 7.7% on Friday after Legg Mason's Bill Miller talked up the company. Natural gas futures were up almost 7% from one week ago while the US dollar slipped further against other currencies.
Word on the Street
- Industrial output rebounds by 0.7% in February on stronger manufacturing and utility production.
- Rosetta (ROSE) buys land from Comstock (CRK) in the Permian Basin for $768 million.
- A surge in gas and consumer prices in February pushes inflation to highest level in over three years.
- US consumer sentiment drops on government spending cuts and the jobs market.
- Steve Cohen's firm SAC Capital Advisors to pay $600 million to settle SEC allegations.
- Samsung's new Galaxy S 4 focuses on efficiency and LTE hardware.
- Oil and natural gas futures make weekly gains as the US dollar weakens.
Published on Mar 15, 2013By InvestorGuide Staff