US Indices Finish Strong for the Quarter; Euro Zone Concerns Continue

Weekly Wrap Up


This week in the US multiple reports signified economic healing and caused consumer sentiment to jump after an initial decline at the beginning of March. Consumer spending increased by the most in about five months and the jobs market saw good news with a rise in income and the number of new jobs recently added.

All of the major indices finished the quarter higher and the S&P 500 hit a record close on Thursday. Apple (AAPL: Charts, News) saw a 17% drop in shares for the quarter mostly on worries of weaker product demand.
After recently releasing its newest smartphone, Research in Motion (BBRY: Charts, News) rallied but then fell this week. Despite releasing earnings that missed expectations, the company was up 22% for the first quarter. The euro experienced a very volative week as Cyprus and the euro zone crisis remained a concern for many traders and revisited lows against the dollar not seen since November More Market News

Economic News

Pain Begins to Register in Cyprus
Shaking his head in disgust, Stavros Agrotis, an independent financial executive here, peered Thursday morning at the stock chart of Bank of Cyprus on his computer screen - a bright red line sloping sharply downward, before it stopped trading altogether in recent days. (Source: NY Times) Click here to read the full article
US Fourth-Quarter Growth Revised up 0.4%
US growth data for the fourth quarter of 2012 was revised up again to an annualised rate of 0.4 per cent, providing further evidence that the US economy did not take a dip at the end of last year. (Source: FT.com) Click here to read the full article
Job Market: The Kids Are Not Alright
The number of people applying for new unemployment benefits rose more than expected in the week ended March 23, reaching the highest level since mid-February. (Source: MarketWatch) Click here to read the full article

Business News

Fed Asks Citigroup to Improve Money Laundering Controls
Shares of Citigroup Inc. (C: Charts, News) closed up +0.34 or +0.76 percent to $44.83 per share on Tuesday, after news that the Federal Reserve had ordered the company to improve its policing methods for money laundering. (Source: InvestorGuide) Click here to read the full article
Nike Regains its Footing with a Strong Third Quarter
Shares of footwear and athletic apparel retailer Nike (NKE: Charts, News) rallied last week, after the company reported strong third quarter earnings that exceeded analyst estimates. For the quarter ending on February 28, the Beaverton, Oregon-based company earned 73 cents per share, or $662 million, a 16% improvement from the 61 cents per share, or $569 million, it earned in the prior year quarter. (Source: InvestorGuide) Click here to read the full article
Global Macro Woes Ground FedEx
FedEx (FDX: Charts, News), which is considered a bellwether of the health of the global economy reported third quarter earnings that missed analyst estimates, raising concerns that the economy is actually weaker than the stock market would have investors believe. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Oracle Falls From the Cloud
Shares of software giant Oracle (ORCL: Charts, News) were crushed last week, after the company reported weak earnings that missed analyst estimates on both the top and bottom lines. For its third quarter, the Redwood City, Calif.-based company earned 52 cents per share, or $2.5 billion, a flat gain from the 49 cents per share, or $2.5 billion, it earned in the prior year quarter. (Source: InvestorGuide) Click here to read the full article
Amazon Acquires Social Reading Site Goodreads, Which Gives The Company A Social Advantage Over Apple
Today, Amazon has announced the acquisition of social reading service, Goodreads. Specific terms of the deal weren’t disclosed and it should close by the end of Q2. (Source: TechCrunch) Click here to read the full article

Your Money

The Most Effective Strategies for Success
For years, I've been trying to convince people that success is not about who you are, but about what you do. (Source: HBR) Click here to read the full article
Team Leader Who Shared PowerBall Winnings Talks About Her Unique Office Culture
When I saw Laurie Reader Finkelstein on The Today Show explaining how her team decided to voluntarily share their $1 million PowerBall winnings with one of their co-workers who did not participate in the pool, I immediately thought about the company culture that created such a generous team. (Source: Forbes) Click here to read the full article
 
Published on Mar 29, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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