Markets Trim Losses; Obama Picks Yellen for Top Fed Job (CSCO, AA)
Stocks were finally able to end with slight gains on Wednesday as many hope for a short-term deal that will lift the debt ceiling. Federal Reserve vice chairwoman Janet Yellen was nominated as chairman Bernanke's replacement, which would make her the first female leader. Minutes were also released from the latest Fed meeting showing that they may still scale back bond purchases before the end of 2013. In corporate news, Costco (CSCO) shares were up today after reporting higher Q4 revenue and sales. Both Jos. A. Bank (JOSB) and Men's Warehouse (MW) jumped on a possible buyout of Men's Warehouse for $2.3 billion.Family Dollar Stores Inc. (FDO) stock slumped after sharing weaker sales and a cautious outlook. Both oil and gold futures were off on Wednesday. It was announced that upcoming industrial output data will be delayed due to the shutdown.
Word on the Street
- Minutes released from Fed meeting show taper may still happen this year.
- Obama announces his nomination for Janet Yellen as the next Fed leader.
- Alcoa (AA) reports better than expected earnings, offsetting weak prices.
- JPMorgan (JPM) launches $3.3 billion sale of physical commodity business.
- Which companies are being affected the most by the government shutdown?
- JC Penney (JCP) Improves Outlook.
Published on Oct 9, 2013By InvestorGuide Staff