Street Ends Higher for the Week as the Fed Delays Taper (BBRY, JPM)

Weekly Wrap Up

Despite a selloff on Friday, the major US indices all ended higher for the week. Midway through the week the Federal Reserve made a surprising announcement to continue with its economic stimulus, delaying the start of a taper until further notice. This caused markets to rally but eventually slip as uncertainity set in. Another important issue looming ahead is what government will do about budget deal deadlines.

Blackberry (BBRY: Charts, News) announced this week that it will be cutting 40% of its workforce, and that the company lost almost $1 billion in Q2.
JP Morgan (JPM: Charts, News) settled "London Whale" trading investigations with $1 billion in payouts. As Apple (AAPL: Charts, News) gets ready to end its fourth fiscal quarter, the company was in focus for much of the week. Earlier on sales in China worried investors and by Friday the newest iPhone models launched. More Market News

Economic News

Bullard: Tapering More Likely if Jobs Improve
St. Louis Fed President James Bullard said on Friday that continuing improvement in job growth will increase the probability of tapering the Federal Reserve’s bond-buying program. (Source: MarketWatch) Click here to read the full article
US Economic Growth Gauge Holds at More Than Three-Year High
A measure of future U.S. economic growth held steady at its highest level in more than three years while the annualized growth rate hit a four-week high, a research group said on Friday. (Source: Yahoo!) Click here to read the full article
US Economy Shows Signs of Shrugging Off Higher Interest Rates
U.S. home resales surged in August to a 6-1/2-year high and factories grew busier early this month in the Mid-Atlantic region, signs that rising borrowing costs might be weighing only modestly on the economy. (Source: Yahoo!) Click here to read the full article

Business News

Ulta Salon Surges After Strong Second Quarter Earnings and Solid Guidance
Shares of cosmetics superstore Ulta Salon Cosmetics & Fragrance (ULTA: Charts, News) surged 17% last week, after the company announced an update to its third quarter earnings guidance. (Source: InvestorGuide) Click here to read the full article
ViroPharma Soars on Acquisition Chatter
Shares of ViroPharma (VPHM: Charts, News), which manufactures drugs for rare diseases, surged 28% last Friday. (Source: InvestorGuide) Click here to read the full article
Amarin’s Fish Oil Treatment Might Go Belly Up Soon
Shares of Amarin (AMRN: Charts, News), a biotech company focusing on treatments for cardiovascular disease, plunged last week after a prior court ruling involving GlaxoSmithKline (GSK: Charts, News) and Pronova Biopharma was overturned, clearing the way for generic versions of Lovaza, which will compete against Amarin’s only drug, Vascepa. (Source: InvestorGuide) Click here to read the full article

Technology Focus

The iPhone 5C Crushes Apple's Hope of a Quick Rally
Apple (AAPL: Charts, News) investors were not too pleased last week after the company’s introduction of the iPhone 5C. (Source: InvestorGuide) Click here to read the full article
Microsoft Increases Dividend, New Stock Buyback Program
Shares of Microsoft Corp. (MSFT: Charts, News) closed up +0.13 or +0.39 percent to $32.93 per share on Tuesday, after the company announced it would boost its dividend by 22 percent and begin a $40 billion stock buyback program. (Source: InvestorGuide) Click here to read the full article

Your Money

Younger Investors’ Approach to Investing
Trying to glean differences among the generations makes for an interesting parlor game. But this week, three reports by big financial institutions offered insights into how investors in their 40s and 20s - known as Generation X and Generation Y - think about their personal finances in the broadest way. (Source: NY Times) Click here to read the full article
Deficits: Better Now, Worse Later
While lawmakers have made progress knocking back near-term deficits, they have done very little to rein in the country's long-term debt. (Source: CNN) Click here to read the full article
Published on Sep 20, 2013
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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