Strong Productivity Data Drives Stocks Up
All three main indices end up after a lackluster last week. The stocks shot up today after strong productivity data was released today. U.S. worker productivity jumped up 3% in the third quarter, which is the fastest growth in almost four years. This along with other strong economic reports show that the economy is starting to do better and continues to grow. Avago Technologies (AVGO) is going to buy LSI Corp (LSI) for $6.6 billion. This acquisition will enable Avago Technologies to enter the business of creating semiconductors in early 2014.Just days after the government sold all of General Motor's (GM) shares from the bailout, GM announces that it will invest $1.3 billion to upgrade plants that produce powertrain components. The Federal Reserve is set to meet later this week and the meeting may reveal some much anticipated information about tapering of the stimulus package.
Word on the Street
- General Motors (GM) to invest $1.3 billion in U.S. manufacturing.
- US airlines experiences a 127% jump from 3Q last year.
- The exodus from Blackberry (BBRY) continues.
- China Mobile is about to bring Apple's (AAPL) iPhones to China.
- Wells Fargo (WFC) downgrades Twitter's (TWTR) shares to "underperform".
- US productivity rose 3% in the third quarter, fastest growth in 4 years.
- Nimble (NMBL) storage up 62% after initial offering.
Published on Dec 16, 2013By InvestorGuide Staff