Markets Show Reason for Cautious Optimism (GOOG, KCP)

Last week was the worst that markets have experienced in four months, but this week began on the more optimistic note that Friday left off on. Still, though Libya’s oil chief is saying that it is safe to ramp up oil production again, he is also claiming that their production fell by as much as 50 percent. The IMF has issued a statement that mounting oil prices could be especially damaging to growth in developing nations. Meanwhile, Google (GOOG) has made a fairly serious blunder that deleted the Google accounts of thousands of Gmail users. After their CEO stepped down, Kenneth Cole (KCP) has seen their stocks drop by 9%.

Word on the Street

• After the worst week since November, stocks began to show gains again.
• After Libya’s oil production was cut by around 50 percent, but their oil chief has argued that it is safe to get back to work.
• The International Monetary Fund warned that sustained high oil prices would hurt developing economies.
• Google (GOOG) faced criticism as it accidentally deleted thousands of Gmail accounts.
• Kenneth Cole (KCP) shares saw a 9% drop after their CEO resigned.

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