IMF Cuts U.S. Growth Forecast; S&P 500 Hits Record High
The S&P 500 closed at a record high today as it continues to near 2000. The International Monetary Fund cut its forecast for U.S. economic growth for 2014 due to its struggle during the first quarter. The IMF projects that U.S. growth will be just 1.7% this year, down from 2%. Apple (AAPL) has yet another employee lawsuit to deal with. Apple is facing a class action lawsuit from employees who say that they were denied rest periods and meal breaks, violating California's labor law. It is believed that nearly 20,000 employees from retail to corporate levels have been affected by the alleged violations.
Word on the Street
- IMF cuts U.S. growth forecast to 1.7%.
- The BRICS introduce new challenges.
- Apple (AAPL) faces a class-action lawsuit over labor issues.
- Will Yahoo (YHOO) be purchased by Alibaba or SoftBank?
- GM (GM) recalls an additional 717,950 vehicles.
- Herbalife (HLF) rises on failure of "death blow" attempt by antagonist.
Published on Jul 23, 2014By InvestorGuide Staff