Gas Prices Jump as S&P 500 Closes at All-Time High Again

Weekly Wrap Up

After closing at a record high on Thursday, the S&P 500 bested that record high and ended even higher on Friday. After gas prices continued to fall at the end of 2013, they seem to be rising once again. Prices are up 17 cents in the past 21 days nationwide, on the bright side prices are still down around 33 cents from a year ago. Target (TGT) announced this week that they continue to suffer from their massive security breach that occurred at the end of last year. Target's fourth quarter net income fell a whopping 46%, this is partially due to customers being wary of purchasing from the retailer after the breach was confirmed.

Consumer Report released their top vehicle picks along with the vehicles to avoid in 2014.
Tesla's (TSLA) Model S was named the best overall vehicle, due in part to the extreme innovation that went into creating the vehicle. A couple companies announced that they will be eliminating jobs this week. JPMorgan Chase (JPM) said that they will be eliminating roughly 8,000 jobs, citing a drop in demand for refinancing is forcing the company to eliminate thousands of jobs. United Technologies Corp. (UTX) also announced that they would be cutting jobs. While they will not be cutting as many jobs as JPMorgan, they will be laying off around 600 workers who work in the Sikorsky Aircraft department.

Economic News

Economy Grew at 2.4% Pace in Fourth Quarter
The economy grew more slowly than estimated in the fourth quarter, with tepid gains likely to persist into the current quarter as bad weather continued to slow activity. (Source: USA Today) Click here to read the full article

Jobless Claims: Four-Week Average Hold Steady
The number of people applying for U.S. unemployment benefits rose 14,000 last week to a seasonally adjusted 348,000, though the broader trend in applications remained stable. (Source: USA Today) Click here to read the full article

Business News

Shares of The Gap Inc. (GPS) closed down -0.23 or -0.52 percent to $43.68 per share on Thursday. Shares traded mildly lower in this morning’s pre-market, after the company announced earnings late yesterday. (Source: InvestorGuide) Click here to read the full article

Shares of J.C. Penney Company Inc. (JCP) were trading +0.84 or +14.09 percent higher to $6.80 per share in pre-market trading on Thursday, after the company announced better than expected earnings for the company’s fourth quarter and full year ended February 1st. (Source: InvestorGuide) Click here to read the full article

Shares of Chesapeake Energy Corporation (CHK) were trading up +0.41 or +1.54 percent to $26.98 per share in pre-market trading early Monday, after the company announced it was considering strategic alternatives for its Oilfield Services Division. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Shares of Cisco Systems Inc. (CSCO) closed down – 0.01 or -0.05 percent on Monday to $22.12 per share. The company sold $8 billion in bonds yesterday in the largest debt offering this year and the largest by a publicly held company since Verizon Communications (VZ) issued a massive $49 billion in debt last September. (Source: InvestorGuide) Click here to read the full article

Mt. Gox Bitcoin Exchange Files for Bankruptcy
Embattled Bitcoin exchange Mt. Gox has filed for bankruptcy protection, the Tokyo-based firm announced Friday. The virtual currency firm's CEO, Mark Karpeles, seemed to suggest a hacking attack into the exchange's systems were behind the massive loss of the virtual currency. (Source: USA Today) Click here to read the full article

Your Money

7 Easy Ways to Save for Your Big Summer Vacation 
Summer vacation might feel like a long way away, but setting up a savings strategy now can help you cover the costs of that upcoming getaway with less stress. It can be tricky to put together a travel budget for a vacation so far in the future, so start researching hotel early bird specials and using websites such as Kayak or Priceline to get a ballpark estimate for your flight costs this summer. (Source: US News) Click here to read the full article

Tax Hacks 2014: 13 Helpful Income Tax Apps
Tax season is in full swing, and you may find yourself scrambling to get documents in order to file your return. Unfortunately, tax return preparation can equal clutter and headaches if you are a small-business owner and haven’t kept adequate records. (Source: Yahoo Finance) Click here to read the full article

Published on Feb 28, 2014
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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