Street Continues to Stumble on Budget Debate; New Home Sales Rise (WMT, JCP)
On Wednesday it became apparent that the Federal Reserve's actions have significant impact on other countries, as an IMF official stated. Latin America, other emerging nations and investors in general fear that a big change in monetary policy will hurt markets and currencies abroad. As the US government nears a possible shutdown, stocks dropped for another day. The S&P 500 has now experienced its longest losing streak this year. Wal-Mart (WMT) fell on Wednesday after talk that the company may reduce orders next quarter. JC Penney (JCP) stumbled close to a thirteen-year low on a disappointing projected sales number.Techs including Amazon (AMZN), Facebook (FB) and Oracle (ORCL) gained today. Economic data in the US showed new-home sales that rose 8% in July while orders for durable goods only increased 0.1% in August.
Word on the Street
- Durable goods orders edge up only slightly possibly on government spending uncertainty.
- Sales of new homes in the US grew by 8% in July.
- Amazon (AMZN) positions itself to reap more revenue from retail sales.
- Noble Corp. (NE) gains on Wednesday, leads other energy stocks higher.
- Household wealth climbs during Q2 as debt continues to grow.
- Millions of California's workers now among the best paid in the US.
- Applied Materials (AMAT) to Buy Tokyo Electron for $10B.
Published on Sep 25, 2013By InvestorGuide Staff