Indices Fall to 5-Week Low as Markets Accept Taper Plans

Weekly Wrap Up


The markets were up and down for the past five days and ended on Friday with a significant weekly loss. On Thursday stocks saw the biggest one-day drop in almost two months after disappointing retail sales numbers and lackluster earnings. Retailers including Macy's (M: Charts, News) and Nordstrom (JWN: Charts, News) were among those who missed estimates.

Blackberry (BBRY: Charts, News) was trending throughout the week on news that the company may be exploring the strategic option of going private.Earlier in the week it was announced that the US budget deficit was about $98 billion.
Consumer spending increased at the best rate in seven months but consumer confidence reportedly dropped last month. Stocks fell lower as well on the beliefs that the Fed will begin its stimulus taper next month. More Market News

Economic News

US Consumer Confidence Dips; Housing Starts Miss Forecasts
U.S. consumer confidence ebbed in August and residential construction rose less than expected last month, potentially dimming hopes of an acceleration in economic activity in the second half of the year. (Source: Yahoo!) Click here to read the full article
Global Shares Buckle as US Bond Yields Rise on Fed Fears
World shares headed for their biggest weekly fall in almost two months on Friday as investors set aside evidence of a broad global economic recovery and worried about an early end to the Federal Reserve's stimulus. (Source: Reuters) Click here to read the full article

Business News

Tesla Motors Hits An All-Time High
Shares of electric automaker Tesla Motors (TSLA: Charts, News) surged last week to an all-time high last week, after the company reported second quarter earnings that easily topped analyst estimates. (Source: InvestorGuide) Click here to read the full article
J.C. Penney Looks for a New Leader… Again
The drama at troubled retailer J.C. Penney (JCP: Charts, News) picked up again recently, after reports broke that its recently re-appointed CEO, Mike Ullman, might be headed out the door soon. (Source: InvestorGuide) Click here to read the full article
Common Sense: For Airlines, It May Be One Merger Too Many
Three airline mergers had gained approval since 2008, but the Justice Department has hardened its stance with a proposed union between American and US Airways. (Source: New York Times) Click here to read the full article
Steinway Stock Down as Kohlberg Drops Out
Shares of Steinway Musical Instruments Inc. (LVB: Charts, News) closed down -1.32 or -3.33 percent on Tuesday, after news that Kohlberg & Co. had dropped out of their $438 million or $35 per share bid for the company. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Is BlackBerry Planning to Go Private?
Shares of BlackBerry (BBRY: Charts, News), formerly known as Research in Motion, warmed up last week after CEO Thorstein Heins stated that the company’s board is considering taking the company private. (Source: InvestorGuide) Click here to read the full article
Orbitz Worldwide Hits a Six-Year High
Shares of online travel booking site Orbitz Worldwide (OWW: Charts, News) surged to a six-year high last week, after the company reported strong second quarter earnings that topped analyst estimates. (Source: InvestorGuide) Click here to read the full article

Your Money

Salesforce.com's Marc Benioff on Innovation, Acquisitions and Reinvention
Marc Benioff has always been a man on a mission. When he co-founded Salesforce.com in 1999, he wanted businesses to rethink their approach to buying enterprise software. (Source: Forbes) Click here to read the full article
Jennifer Openshaw: Paying for College 101
As young kids head back to school, many parents find themselves realizing that they’ll soon be sending those same little ones off to college - and that they have no idea how they’re going to pay for it. (Source: MarketWatch) Click here to read the full article
 
Published on Aug 16, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

Posted in ...