S&P Finishes Week at All-Time Record; Debt Deal and Earnings (GS, GOOG)

Weekly Wrap Up

This week the government shutdown in the US ended after what was 16 days of battling between the Senate and House of Representatives. Congress was able to reach an agreement that extends the debt ceiling until early 2014 when the similar funding decisions will need to be made. The markets continued their rally through the end of the week on the realization that the economic stimulus will have to continue and multiple upbeat corporate earnings.

Morgan Stanley (MS), Google (GOOG) and General Electric (GE) all finished the week with positive reports.
On the other hand, Goldman Sachs (GS) announced earnings that largely missed expectations, raising concerns among analysts. Despite a loss on Friday, gold futures ended with a 4% gain for the week. Oil futures tallied its fifth losing week in the past six.

Economic News

As US Averts Default, Japan and China Brace for Next Dollar Drama
Deal or no deal, the U.S. Congress' dance with default impressed policymakers and investors in China and Japan with just how vulnerable their own economic revival plans are to the next political tantrum on Capitol Hill. (Source: Yahoo!) Click here to read the full article
Here's Your Unemployment Check. Now Pay It Back
At least 70,000 workers filed for unemployment benefits during the government shutdown, but now that Congress has approved back-pay for them, the states want the money back. (Source: CNN) Click here to read the full article

Business News

Gilead Sciences Rallies After Ending a Late-State Trial Ahead of Schedule
Shares of Gilead Sciences (GILD) surged last week, after the company announced that it had ended a late-stage clinical trial of its cancer drug idelalisib earlier than anticipated because it was confident that the treatment was working. (Source: InvestorGuide) Click here to read the full article
Google's Third Quarter Beats as Ad Volume Grows, Stock Flirts $1,000 Level
Google Inc's (GOOG) quarterly results beat Wall Street's expectations as the Internet search giant expanded its mobile and overseas businesses while keeping ad-rate declines in check, sending its shares to a record high. (Source: Yahoo!) Click here to read the full article
Ariad Gets Crushed After its Only Approved Treatment is Put on Hold
Shares of Ariad Pharmaceuticals (ARIA) crashed more than 70% last week, after the company reported that its top drug candidate, the leukemia drug Iclusig, had been put on a temporary hold by the FDA.  (Source: InvestorGuide) Click here to read the full article

Technology Focus

Yahoo! Reports Drop in Profit, Alibaba Share Amendment
Shares of Yahoo! Inc. (YHOO) were up +1.02 or +3.06% to $34.28 per share in pre-market trading on Wednesday after the company announced its fiscal third quarter earnings following the market close on Tuesday. (Source: InvestorGuide) Click here to read the full article
Blackberry Finally Outshines Apple
Is it lights out for BlackBerry (BBRY)? After the company posted a $1 billion loss, and said it’s sitting on warehouses of unsold phones, there’s good reason to think so. (Source: MarketWatch) Click here to read the full article

Your Money

It's A Deal: An Update on the Fiscal Showdown
Throughout the recent fiscal showdown in Washington, D.C., I’ve maintained that hating the government, though sometimes understandable, is not an investment strategy. (Source: Forbes) Click here to read the full article
We Need Our Brightest People Working on Our Biggest Problems
A few weeks ago, I got to visit Microsoft’s annual conference of faculty members involved in computer science research at universities around the world... (Source: LinkedIn) Click here to read the full article
Published on Oct 18, 2013
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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