Street Sees Mixed Week as Fed Taper Plans Remain Unclear

Weekly Wrap Up

This week was full of volatile trading but ended on a positive note for the most part. Both Nasdaq and the S&P ended about 1.5% higher while the Dow lost about 1% for the week making it the index's third consecutive loss. The Fed released minutes from their policy meeting this week but only alluded to continued support for a stimulus taper and few clues to when it would likely begin.

Many retailers released earnings this week including Best Buy (BBY) who soared on higher results and Abercrombie & Fitch (ANF) who plunged after greatly missing expectations.
Gold gained almost 2% ending at an eleven-week high while the dollar dropped after new home sales fell well below estimates for July. More Market News

Economic News

Expert Urges Fed to Resist Pressure to Tighten
The "central danger" for the Federal Reserve over the next two years will be to yield to intensifying pressure to raise interest rates and shrink its balance sheet before the economy is back to normal, according to a leading monetary policy expert speaking here on Friday. (Source: MarketWatch) Click here to read the full article
U.S. New Home Sales Fall Sharply; House Prices Rise
Sales of new single-family homes in the United States fell sharply in July to their lowest level in nine months, casting a shadow over the country's housing recovery. (Source: Yahoo!) Click here to read the full article

Business News

Wal-Mart Second Quarter Earnings Sink the Markets
Retail giant Wal-Mart (WMT: Charts, News) sank the markets last week, after the company reported disappointing second quarter earnings. (Source: InvestorGuide) Click here to read the full article
Macy's Reports a Sour Second Quarter
Retail giant Macy’s (M: Charts, News) recently disappointed investors, after posting a sour second quarter and a bleak forecast for the rest of the year. (Source: InvestorGuide) Click here to read the full article
Best Buy Soars on Earnings
Shares of Best Buy Co. (BBY: Charts, News) closed up +4.07 or +13.24 percent to $34.80 per share on Tuesday, after the company reported better than expected second quarter earnings. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Apple Reclaims $500 on Icahn Remarks
Shares of Apple (AAPL: Charts, News) rallied last week above $500 for the first time since January, after famed activist investor Carl Icahn publicly called the stock "extremely undervalued" after meeting with CEO Tim Cook. On Twitter, Icahn disclosed that he had a "large position" in Apple, which was estimated at $1.5 billion by the Wall Street Journal. (Source: InvestorGuide) Click here to read the full article
Cisco Plunges After a Weak Revenue Forecast and 4,000 Layoffs
Cisco (CSCO: Charts, News) slumped last week, after the networking giant reported its fourth quarter earnings that accompanied a major reduction of its workforce. (Source: InvestorGuide) Click here to read the full article

Your Money

Ballmer's Departure From Microsoft Comes 10 Years Too Late
Steve Ballmer is stepping down as the CEO of Microsoft (MSFT: Charts, News), and Wall Street is rather pleased. (Source: Wired) Click here to read the full article
Millenials Are Judging You By Your Technology
Millennials are about to take over the workforce. That much you already know. The part you may not be prepared for? These potential new hires are judging your company by its technology--and for many of you, that's not a good thing. (Source: Click here to read the full article
Published on Aug 23, 2013
By InvestorGuide Staff

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