Street Sees First Weekly Gain in Three; Shutdown Continues (JPM, TSLA)

Weekly Wrap Up

Despite growing worries over the US debt ceiling debate and current government shutdown, the major indices were able to finish the week with the first gain in three weeks. Many leaders across the globe warned the US that if it defaults on its debt it would cause harsh repercussions for many countries. The US dollar ended the week about 1% higher while gold futures suffered a loss of 3.2%.

Tech and bank stocks were in focus through much of the week. JPMOrgan (JPM) reported a drop in Q3 revenues and is currently dealing with costs of legal issues.
Co-founders of Blackberry (BBRY) are considering purchasing the company back as it receives potential buyout bids. On Wednesday President Obama announced the appointment of Janet Yellen as the next leader of the Federal Reserve.

Economic News

Republicans Offer New Plan to White House
In a new sign of progress in Washington’s fiscal standoff, House Republicans are proposing a new deal to the White House on raising the debt limit and re-opening the government. (Source: MarketWatch) Click here to read the full article
Consumer Sentiment Lowest Since January
A gauge of consumer sentiment fell this month to the lowest reading since January, as the government shutdown and expectations for the economy declined, according to data released Friday. (Source: MarketWatch) Click here to read the full article

Business News

Tesla Stock Bursts Into Flames
Shares of electric automaker Tesla Motors (TSLA) tumbled last week, after video footage of a fire engulfing its top-selling Model S started to circulate on the Internet, raising safety concerns regarding its lithium ion battery packs. (Source: InvestorGuide) Click here to read the full article
JC Penney Improves Outlook
Shares of JC Penney Company Inc. (JCP) closed up +0.06 or +0.78 percent to $7.77 per share on Tuesday, after having traded as high as $8.24 intraday. (Source: InvestorGuide) Click here to read the full article
Bill Ackman Concedes Defeat on Herbalife
It’s been a rough year for hedge fund manager Bill Ackman. His decision to short Herbalife (HLF) blew up in his face after activist investor Carl Icahn took him down, and his bet on a J.C. Penney (JCP) turnaround met with similar failure. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Microsoft Investors Revolt Against Chairman Bill Gates
Microsoft (MSFT) shareholders recently started a revolt against chairman Bill Gates, who co-founded the company 38 years ago and is still widely regarded as the face of the company. (Source: InvestorGuide) Click here to read the full article
Amazon Faces Major Challenges in France
E-commerce giant Amazon (AMZN) was hit last week in France, after French lawmakers aimed to protect local bookshops from online booksellers. (Source: InvestorGuide) Click here to read the full article

Your Money

Chuck Jaffe: What the Shutdown Means for Investors
Making snap decisions based on current events is far more likely to do long-lasting damage to a lifetime portfolio than any of these passing news events. (Source: MarketWatch) Click here to read the full article
An Obamacare Expert Tells All: What You Need to Know About The Affordable Care Act
An expert explains how the new law works, clarifies a common misconception and tells us who stands to benefit the most. (Source: Forbes) Click here to read the full article
Published on Oct 11, 2013
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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