S&P Nears Record on Monday; Summers Withdraws from Fed Race (AAPL, JPM)
Most stocks rose on Monday and the S&P neared a record high. Analysts believe that the index could reach 1,900 points by the end of 2014. Larry Summers withdrew from the running to replace Federal Reserve chairman Bernanke, putting current vice chair Janet Yellen at the forefront. The Fed is about to begin their two-day policy meeting that will most likely result in the start of a planned taper. Apple (AAPL) continued its decline on Monday and was the biggest loser for the S&P. Allegheny Technologies (ATI) jumped about 8% after announcing the sale of materials to Kennametal Inc. (KMT). Industrial production in the US reportedly rose more than expected for the month of August, mostly on a rebound in car output.Oil futures ended today at a three-week low just under $107 a barrel on eased Syria concerns. There has been "convincing evidence" found that a specific chemical weapon was used in the August attacks.
Word on the Street
- The Fed is expected to begin their planned taper by the end of their 2-day meeting.
- August sees largest monthly gain for industrial production in the past six months.
- JP Morgan (JPM) will soon pay over $700 million in fins for last year's trading loss in London.
- After the drop of Summers, Yellen is now the favorite to replace Ben Bernanke.
- Chrysler gears up for their initial public offering, profit rises 16% in Q2.
- Packaging Crop. to buy Boise (BZ) for about $1.3 billion.
- The iPhone 5C Crushes Apple's (AAPL) Hope of a Quick Rally.
Published on Sep 16, 2013By InvestorGuide Staff