S&P Retreats from Intraday Record; Credit Suisse Agrees to $885 Mill Settlement
On Friday focus was placed on the Federal Reserve and its released results for bank stress tests in the US. The effects were mixed as Bank of America (BAC) slid lower by the end of the day and JP Morgan (JPM) soared to a high last seen in 2000. The Fed will not comment on if they will approve requests made by the banks for dividends or share buybacks until next week. Some of the top gainers for the day were First Solar (FSLR), Unwired Planet (UPIP) and CommScope Holding (COMM) after increasing its expectations for the current quarter.Biotechnology stocks struggled, and Nike (NKE) dropped about 4% after citing foreign currency exchanges as a reason for lower sales this quarter. The S&P 500 hit an intraday high before sliding back down by the close of the markets. Gold futures rose on Friday after four sessions of losses. The dollar weakened against both the euro and Japaneses yen but still ended positive for the week due to anticipation of the Fed's policy meeting.
Word on the Street
- JP Morgan (JPM) hits highest level since 2000 after release of Fed stress test results.
- Fitch Ratings confirms the United States' triple-A rating and stable outlook.
- Visa (V) jumps 2.6% after federal appeals court upholds swipe ruling.
- First Solar (FSLR) extends winning streak, while Symantec (SYMC) drops after firing its CEO.
- Credit Suisse Group agrees to $885 million settlement for mortgage allegations.
- Despite a rise on Friday, gold futures see a weekly drop of about 3%.
- Unwired Planet (UPIP) Stock Surges on Lenovo Patent Deal.
Published on Mar 21, 2014By InvestorGuide Staff