Stocks bounce back, seemingly ignoring all of the geopolitical tension that has been occurring over the past couple of days. The bull market is sending 401(k) retirement plans soaring to record highs. The average 401(K) balance rose 12.9% to $91,000, with 77% of the growth attributed to the stock market. If the 21st Century Fox and Time Warner Cable (TWC) deal is finalized CBS said they are interested in acquiring CNN. CNN would not remain under TWC because Fox doesn’t see the need for both CNN and Fox News. General Electric (GE) reported their Q2 earnings today and revealed their earnings at 39 cents a share, which matches Wall Street’s expectations.
Word on the Street
- Stocks bounce back amid geopolitical crisis.
- U.S consumer sentiment falls in July.
- GE’s (GE) earnings match Wall Street’s expectations.
- 401(k) retirement plans soar to record highs.
- Alibaba pushes back IPO debut until September.
- Ericsson (ERIC) rallies on better than expected sales, operating profit.