The markets advanced again on Tuesday on anticipation of continued stimulus efforts by the Fed. The two-day meeting to discuss this policy began and investors wait for news to be released on Wednesday. Today was the sixth consecutive triple-digit move for the Dow, finishing up almost 140 points higher. It was reported that home construction rose by 6.8% and that inflation was tame in May. Adobe (ADBE) announced earnings that beat expectations and investor Carl Icahn called for a stock buyback and increased his proposed stake in Dell (DELL). Newmont Mining Corp. (NEM) fell on Tuesday as gold for August delivery dropped ahead of the Fed’s policy meeting.
Word on the Street
- Home construction starts in the US jump 6.8% in May.
- Deloitte settles money laundering accusations with a $10 million payment.
- G8 leaders agree to tackle tax avoidance and evasion around the world.
- US consumer prices mildly higher in May, inflation subdued.
- Chrysler recalls 2.7 million vehicles in order to avoid a government safety showdown.
- Google (GOOG) Takes Waze Off the Table for $1.3 Billion.