From the Beige Book,”The pace of economic growth was characterized as moderate in New York, Chicago, Minneapolis, Dallas, and San Francisco, while the remaining Districts reported modest expansion. Compared to the previous reporting period, Boston and Richmond noted a slightly slower pace of growth. Most Districts were optimistic about the outlook for growth.” In the Fed’s St. Louis district , The World Cup was cited as having had a positive impact during the survey period. 7) CNBC hosted its annual Delivering Alpha conference, which featured a number of the biggest hedge fund managers presenting their latest investment ideas and commentary on the markets. Among the notable presentations was Stanley Druckenmiller, founder of Duquesne Capital Management, who said that his intuition is telling him the Fed’s policies have gone too far.
Stocks End Mostly in Red After Yellen, Earnings, Data – Yahoo Finance
Commodity prices were also supported by the China economic data, which pointed to improving demand, while gold rebounded off a two-day drop. China’s economy expanded at a 7.5 percent annual pace in the second quarter, the statistics bureau said, just beating the 7.4 percent median forecast in a Reuters poll. The data confirmed the economy had stabilized after a shaky start to the year, though analysts said the pick-up was largely driven by government stimulus. “There’s a lot of good news to go around today, but given all the worries there were about China, the data there is especially a positive,” said Nicholas Colas, chief market strategist at the ConvergEx Group in New York.
Stocks snap higher in midday trading; Citigroup up – Yahoo News
Send Thanks! A link has been sent. Done Stocks snap higher in midday trading; Citigroup up By The Associated Press 1 hour ago 0 shares . View photo FILE – This July 15, 2013 file photo shows the New York Stock Exchange in New York. Stock futures are climbing on Monday, July 14, 2014, as investors look to shake off the worst week for the stock market in three months.
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Stocks around the world rally on China growth data – Yahoo News
Goldman saw improvement in its investment-banking and lending divisions. Johnson & Johnson (JNJ) reported strong second-quarter results that exceeded both Morningstar analysts’ and consensus expectations largely because of stronger-than-expected pharmaceutical sales. In particular, sales of hepatitis C drug Olysio significantly outperformed expectations. However, the firm could see some competition in that drug market by the end of the year, and shares fell 2%. Reynolds American (RAI) announced it will acquire Lorillard (LO) in a cash-and-stock buyout valued at $25 billion.