Financial News 9/16/12 – 9/22/12

Economy

-The average price of gas is up to $3.85 almost 50 cents higher than it was in early July.  9/17

-Japan’s central bank announced moves to ease monetary policy following similar moves from other central banks.  The Bank of Japan increased its asset purchase program to $1.01 trillion and extended it 6 months.  9/19

-A survey of homebuilders’ confidence rose to the highest level in over 6 years.  9/19

-A preliminary September Chinese manufacturing survey indicated the 11th straight month of contraction in the country.  9/20

-The U.S. housing industry continues to rebound.  Housing starts increased by 5.5% in August, the highest gain in 28 months and sales of previously owned homes jumped 7.8% in August for their highest level in 27 months.  9/20

-Business activity in the Euro-zone sank at its fastest pace in over 3 years despite improvements from Germany.  9/21

Corporate

-The NHL locked out its players as an agreement between the league and the players on a new collective bargaining agreement could not be reached before the deadline.  9/17

-Consumers are hot for Apple’s latest iPhone as Apple announced that there were more than 2 million preorders on the first day the iPhone 5 was available.  9/18

-Microsoft increased its dividend by 15% as it unloads some of its large cash stockpile.  9/19

-FedEx lowered its earnings expectations for its fiscal year yet again saying slowing global growth is hurting demand for shipping and will be weaker in 2012 and 2013 than previously estimated.  9/19

-Bank of America announced it will be cutting 16,000 jobs by year end in companywide cost cutting measures.  As a result the bank will no longer be the largest US bank by employees.  9/20

-Oracle’s fiscal 1st quarter earnings rose 11% but its revenues dipped 2% raising investors concerns.  9/21

Market

-The price of oil sank $2.38 a barrel for the day and sank more than $3 in a minute confusing traders and drawing concern from regulators.  9/18

-Oil continued its fall dropping 3.5% on high inventories and weakening demand to end at $91.28 a barrel.  9/20

-U.S. Stock had their first down week of the month with the Dow falling 0.1% and the S&P 500 dropping 0.4%.  International stocks fell as well with Japan down 0.5% and Europe off 0.1% for the week.  9/22

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