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Thursday Morning Business Brief

April 17, 2014, 6:12 AM

Thursday Morning Business Brief

The market is coming back from a steep drop at the end of last week. Yesterday, major stock indexes notched their third day of gains in a row and the gains were broad. The S&P 500 index rose 19 points, or 1.1 percent, to 1,862. The Dow added 162 points, or 1 percent, to 16,424. The Nasdaq rose 52 points, or 1.3 percent, to 4,086. Futures point to a lower opening today.

  • International stock markets were subdued today with Japan's Nikkei faltering as investors locked in profits after a strong rally. Profit taking set in following a sharp rise in Tokyo the day before and as comments from the country's central bank governor left investors unimpressed. Benchmark crude oil rose to near $104 a barrel. The dollar slipped against the yen and the euro.
  • The weekly jobless claims report is due out today and it could be a market mover. Also. Freddie Mac will release weekly mortgage rates. It's another full day of quarterly earnings. Among companies reporting are General Electric, DuPont, Goldman Sachs, Morgan Stanley, PepsiCo and Philip Morris International. Also Union Pacific, Mattel, UnitedHealth and Chipotle Mexican Grill will report.
  • Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job. The disclosure in a regulatory filing may lead to more second-guessing about Yahoo CEO Marissa Mayer's decision to hire de Castro as her second-in-command in 2012. Mayer dumped de Castro after concluding he wasn't executing on her plan for reviving Yahoo's lackluster ad growth.
  • A labor group says a strike at the world's biggest athletic shoe maker is snowballing, with about 30,000 of its Chinese workers protesting over insufficient benefits. They've been striking in increasing numbers in on-and-off stoppages since April 5. The labor unrest threatens to crimp the contract manufacturer's output for clients that include Nike, Adidas, Reebok, Asics, New Balance and Timberland.

 

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