MarketWatch's top stories of the week: July 9-13
SAN FRANCISCO (MarketWatch) -- It was a busy few days for economic news as euro-zone woes, the Federal Reserve and Chinese data all vied for investors' attention. But the headlines that stole the spotlight this week were from the corporate sector as robust U.S. bank earnings helped stocks to post strong gains.
The Dow Jones Industrial Average (DJIA) rose 203.82 points, or 1.6%, to 12,777.09 Friday, and the S&P 500 index (SPX) added 22.01 points, or 1.7%, to 1,356.77. The Nasdaq Composite (COMP) advanced 42.28 points, or 1.5%, to 2,908.47. The day's gains were enough to move the Dow and S&P 500 higher for the week.
Here is a review of top stories from MarketWatch and a look ahead at next week with several blue chips and tech giants such as Intel, Bank of America Corp., Google, and IBM slated to release quarterly results.
U.S. Week Ahead: Citi, Google, Goldman Sachs
Europe Week Ahead: Nokia
-- Sue Chang
Few Fed officials backed more easing: minutes
Only a few officials thought that more asset purchases would be necessary at the Federal Reserve's policy meeting in June, according to the minutes released on Wednesday.
China second-quarter growth cools to 7.6%
China's economy cooled to its weakest rate of growth in more than three years in the second quarter, expanding 7.6% from a year earlier, in a result that matched expectations but underscored problems faced by its export-dependent growth model.
J.P. Morgan Chase's reports quarterly profit of $5 billion
J.P. Morgan Chase & Co. (JPM) reported a $5 billion profit in the second quarter, despite a $4.4 billion loss on synthetic credit derivatives, and the firm said it would restate first-quarter earnings because of "a material weakness" in internal controls over financial reporting.
German anti-euro backlash gathers pace
The backlash against Germany's apparent readiness to dig still deeper into taxpayers' pockets to stem the euro's malaise is gathering momentum. As Finland fuels alarm over a possible unraveling of economic and monetary union, a protest action by 172 German economics professors slamming Chancellor Angela Merkel's agreement on direct recapitalization for ailing European banks has sparked a furious war of words with the Berlin government.
RIM defends turnaround plan to shareholders
Buffett tells Congress to behave, Ackman eyes Procter & Gamble
Billionaire investor Warren Buffett blamed some of the current economic woes on Congress and urged politicians to stop squabbling. "People have a feeling that Congress is inept and sort of paralyzed by the desire of each side to make the other side look bad. That has got to be a factor in general confidence," he told CNBC. Meanwhile, activist value investor Bill Ackman of Pershing Square Capital Management has acquired a big stake in
Dividend-paying stocks: Time to be wary
Everyone is so crazy bullish on dividend-paying stocks these days, it's impossible to find a contrarian. Try as we might, pinging investment advisers hither and yon, we were unable to find someone willing to tell investors to lighten up a tad on stocks that, while they offer income in a ZIRP (zero interest rate policy) world, are hardly substitutes for less risky income-producing investments. Surely that's a sign of a market top, yes? Apparently not.
New York Fed knew of Libor cheating in 2008
An unidentified employee of U.K. bank
PFGBest debacle riles commodity futures industry
Commodity traders have seen their fair share of action this year from Iranian oil threats and a global economic slowdown, but now must also face growing concern over the integrity of futures trading in the wake of the latest regulatory investigation. Earlier this week, the Commodity Futures Trading Commission filed a lawsuit against PFGBest, alleging it committed fraud by misappropriating customer funds.
Branson claims space as Virgin territory
Executives, investors, "future astronauts," and reporters gathered at the Farnborough Air Show this week to wallow in the potential of venturing into what Sir Richard Branson dubbed "Virgin territory." Branson's Virgin Galactic is bringing space travel to the masses.