Stocks were finally able to rebound slightly on Thursday after what was the S&P’s longest decline of 2013. Recent unemployment claims data was released, showing a larger drop than was expected. The average rate for the 30-year fixed-rate mortgage finally paused, helping out home buyers and the market temporarily. This rate recently hit two-year highs, making it harder to purchase and pay off homes in the US. JC Penney (JCP) was able to regain some of its large drop from yesterday and stated that it still expects positive same-store sales. Yahoo (YHOO) jumped nearly 4%, hitting an intra-day high today. EBay (EBAY) announced its plan to buy payment company Braintree for $800 million and saw stock rise 4.3%. Economic worries were eased slightly on Thursday but debates on the US budget and debt continue as investors wait for the government to reach deals.
Word on the Street
- Upbeat news about unemployment claims and economic growth lifts markets.
- Housing market gets temporary mortgage rate break.
- JC Penney (JCP) still expects sales to go positive despite giant drop in shares yesterday.
- Facebook (FB) and Google (GOOG) now dominating online ad wars.
- British GDP grows at the fastest pace in three years during Q2.
- STMicroelectronics (STM) is Dominating the World of MEMS.
- Better communication may be more important for the Fed than the actual timing of tapering.
- Don’t understand Obamacare? Here’s a cheat sheet.