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Monday Morning Business Brief

June 9, 2014, 5:40 AM

Monday Morning Business Brief

Investors are wondering if the stock market's slow and steady rise will continue. Recent reports indicate the U.S. economy is improving. But there are concerns of a possible market "correction," a drop of 10 percent or more. There hasn't been one since August 2011. The S&P 500 hit a record high Friday, gaining nine points to close at 1,949. The Dow and Nasdaq also rose. Futures point to an uncertain start to the week.

  • International stock markets were mostly higher today after stronger first quarter growth in Japan added to positive sentiment from solid hiring in the U.S. Benchmark U.S. crude rose above $103 a barrel. The dollar gained against the euro and inched down against the yen.
  • A survey by the National Association of Business Economists predicts that U.S. economic growth should accelerate in the second quarter and remain healthy for the rest of this year. But the economists say growth for the full year will likely come in lower than they previously estimated. The forecast says job growth should remain steady and consumer spending will also likely pick up.
  • There are no government economic reports scheduled for release today. But tomorrow, the Commerce Department will report April's wholesale trade inventories and the Labor Department will release its job openings and labor turnover survey for April.
  • Japan is raising its estimate of January-March economic growth as investment by companies was stronger than first thought. The government says that the economy grew an annualized 6.7 percent in the quarter. The initial estimate was 5.9 percent growth. Japan's economy is expected to contract in the current quarter due to a sales tax hike on April 1 that has sapped some momentum from consumer spending.

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