In the Markets – Week-Ending February 26
Newsletter: In the Markets – Week-Ending February 26
Crystal Brook Advisors
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United States: The U.S. trade deficit for goods widened in January to the largest level since June, The seasonally adjusted trade deficit widened to $62.2 billion from $61.5 billion in December.(1)
Europe: The pound headed for its worst week in almost six years as anxiety the U.K. will leave the European Union pushed the currency to its lowest level since 2009. Euro falls below $1.10 after disappointing German index data.(2)
Asia: Barclays PLC’s co-head of investment banking in the Asia-Pacific region is leaving the firm, the latest in a string of departures from the British bank in Asia. (3) Alibaba Group Holding Ltd. is in discussions with banks for a loan of up to $4 billion to fund expansion plans, including acquisitions.
Monday 02/22
• Tenet Healthcare Corp. reported Monday a net loss of $97 million, or 98 cents a share, in the fourth quarter, versus a net income of $61 million, or 61 cents a share, in the year-ago period.(4)
Tuesday 02/23
• Volatility in equity markets appears to have adversely affected consumers’ assessment of the current economic landscape.(5)
• On the heels of a sizable December gain, existing home sales continued to pick up in January, rising to a 5.47 million-unit pace.(6)
• Chipotle Mexican Grill Inc. was downgraded to sell from hold at Deutsche Bank on uncertainty over the way in which customers will receive the company’s turnaround efforts after a months-long E. coli outbreak.(7)
Wednesday 02/24
• New home sales fell a larger-than-expected 9.2 percent in January to a seasonally adjusted annual rate of 494,000.(8)
• April gold climbed $16.50, or 1.4%, to settle at $1,239.10 an ounce. The settlement was the highest since February 12. (9)
Thursday 02/25
• Cablevision Systems Corp. said 2015 marked its first year-over-year growth in customers since 2008.(10)
• Goldman Sachs Group Inc. is struggling to sell some $2 billion in bonds to fund a buyout of software firm Solera Holdings Inc. the latest sign of trouble in the market for debt used in takeovers.(11)
Friday 02/26
• Personal income and personal consumption expenditures both increased a better-than-expected 0.5 percent in January.(12)
Market Close
U.S. stocks closed slightly lower Friday, but logged a second straight weekly gain as oil prices stabilized. The S&P 500 finished 3,68 points, or 0.2%, lower at 1,948.01. The Dow Jones Industrial Average closed 57.52 points, or 0.3%, lower at 16,639.83. The Nasdaq Composite closed 8.27 points, or 0.2%, higher at 4,590.47.(13)
Contributor: Felipe Vargas-Zúñiga
Sources:
(1) Source: Bloomberg
(2) Source: MarketWatch
(3) Source: Wall Street Journal
(4) Source: MarketWatch
(5) Source: The Conference Board, U.S. Department of Commerce, IHS Global Insight and Wells Fargo Securities, LLC
(6) Source: National Association of Realtors and Wells Fargo Securities, LLC
(7) Source: MarketWatch
(8) Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
(9) Source: Fidelity
(10) Source: MarketWatch
(11) Source: MarketWatch
(12) Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
(13) Source: Marketwatch
