Stocks Finish Down 4% in August After Weeks of Volatility (T, XOM)

Stocks added gains, although minor, for the fourth consecutive day. The gains weathered what proved to be a poor August for Wall Street, as tumultuous trading led to a market decrease of 4%. Early gains on the day were encouraging, thanks to a positive report that factory orders increased 2.4% in July, but sentiment could not remain at the morning levels as stocks slide as the day went on. In corporate news, the United States is attempting to block AT&T’s (T) purchase of T-Mobile, citing antitrust law issues.

Word on the Street

• Stocks uneasy in afternoon trading but finish the day with gains.
• Stanard & Poors’ downgrade of US debt send treasuries to highest monthly gain since 2008.
• The United States seeks to block AT&T’s (T) purchase of T-Mobile.
• Exxon Mobil (XOM) will begin the first drilling operations in Russia’s arctic region in 2015.
• Report says Google’s (GOOG) social network Google+ saw its peak in mid-July.
• Increased sales taxes threaten margins of online retailer Amazon (AMZN).

Interesting Tidbits

• Which idea is the right one? Guidelines for choosing the right direction to take your start up.
• Steve Jobs’s exit from Apple (AAPL) leaves us wondering what will happen to their innovation abilities – here’s a few ways to keep the wheels moving.

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