Economic Data Pushes Markets Up Late on Thursday (VZ, SPLS)
Several positive reports caused US stocks to rise on Thursday, increasing the odds that the Federal Reserve may begin its taper in September. GDP growth data was released, showing a stronger-than-expected annual rate for the second quarter. Also, unemployment claims dropped more than estimated for the past week bringing the four-week moving average near a five-year low. Verizon (VZ) rose on talks of a potential buyout of UK's Vodafone Group (VOD) and Garmin Ltd. (GRMN) gained almost 7% on news that it may soon release a new product.Campbell Soup (CPB) dropped after reporting a fiscal Q4 loss of $158 million. Investors are gearing up for September due to its reputation for being hard on stocks and the oncoming political and global battles that the US will face.
Word on the Street
- GDP growth in the US beats forecasts for Q2 and may cause Fed to begin taper.
- Jobless claims fall 6,000 to a total of 331,000, more than was expected.
- Guess (GES) surpasses earnings and revenue expectations.
- During the second quarter US banks earn a record amount of $42.2 billion.
- Nasdaq releases statements about what caused the three-hour halt last week.
- Is Staples' (SPLS) Fate Stapled Shut?
Published on Aug 29, 2013By InvestorGuide Staff