Revised GDP Offsets Taper Worries; Dish Withdraws Clearwire Offer (DISH, MSFT)
Despite a downward revision of the US government's GDP estimate for the first quarter, markets were able to rebound for a second day in a row. The revision in economic growth quelled more investor fears of the future monetary policy taper. Dish (DISH) announced the withdrawal of its offer for Clearwire (CLWR) after Sprint's (S) bid triumphed. Apple (AAPL) stumbled over 1% on and closed below $400 a share.Both tech stocks Mircrosoft (MSFT) and Adobe Systems (ADBE) were upgraded today and saw shares rise. Treasury prices gained on Wednesday for the first time in eight days and the dollar rose for a sixth session in a row.
Word on the Street
- US government cuts its Q1 estimate for economic growth.
- Amazon (AMZN) expands licensing deal with PBS to include more member rewards.
- Microsoft (MSFT) gives a glimpse of its Windows 8.1.
- World shares rally for another day as China calms bank fears.
- Gold falls 4% and closes in on a three-year low.
- Walgreen's (WAG) Stock Down on Disappointing Earnings.
Published on Jun 26, 2013By InvestorGuide Staff