Talk of Taper Sends Market into a Modest Retreat (AAPL, TSN)
Fed Bank member Richard Fisher made comments on Monday that the US economy is ready to begin the stimulus taper. This sent many stocks down despite a positive report on the US service industry that was also released today. The Fed also stated on Monday that US banks loosened loan standards and business restrictions. This signals continued improvement in the financial sector, even if it is modest. Facebook's (FB) price target was increased and the company saw shares gain 2.5%. Tyson Foods (TSN) jumped after beating expectations for Q3 earnings.
Fossil (FOSL) fell nearly 6% after being downgraded to "underweight." Both crude oil and gold futures fell on Monday.
Word on the Street
- The service sector picks up in July at the fastest pace in five months.
- Is it just the middle class that is feeling more confident about the US economy?
- Apple's (AAPL) tablet market dominance drops as Samsung posts strong gains.
- Oppenheimer (OPY) is fined by FINRA for $1.4 million.
- Treasury yields climb on Monday and fuel even more taper talk.
- Cray Computer (CRAY) Surges Then Falls After a Strong Second Quarter.
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Published on Aug 5, 2013
By InvestorGuide Staff 