September 16, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News

1 month ago Comments Off on September 16, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News

September 16, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News


Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016

On Monday, there wasn’t much economic news, however Lael Brainard, a voting member of the Federal Reserve, gave a speech stating she found it hard to see Janet Yellen raising interest rates next week and that there should not be a rush to remove accommodative monetary policies due to global uncertainties. Market shot up on the news and the Dow Industrials closed up 239 points.

On Tuesday, the volatility continued as the International Energy Agency predicted the over-supply in oil will continue into next year, in part due to reduced demand from China and India. West Texas Intermediate crude futures fell 3% to .90 a barrel on the news, and the Dow Industrials closed down 258 points.

On Wednesday, import prices fell by .2% compared to the prior month’s .1% rise, and export prices dropped .8% compared to the previous month’s .2% gain. The EIA petroleum status report for the week ending September 9th showed a decline in crude oil inventories of 600,000 barrels, however, U.S. crude fell on the news, closing almost 3% lower. Markets ended the day slightly lower.

On Thursday, jobless claims for the week ending September 10th rose 1,000 to 260,000, and the producer price index for August was unchanged, compared to the prior month’s .4% decline. Industrial production for August came in disappointing at -.4%, compared to the prior month’s .6% gain, and retail sales for August were also disappointing at -.3%, after showing a gain of .1% for the prior month. Despite the poor economic news, markets rallied with the Dow Industrials closing up 177 points.

On Friday the consumer price index for August rose .2%, a little higher than expected, and markets were down modestly at the open.

Now let’s take a look at some stocks.

On Monday, shares of Polaris Industries were down more than 5% after the off-road vehicle manufacturer slashed its 2016 earnings guidance due partly to an unexpected recall of its RZR Turbo vehicles. The recall affects 13,000 of its vehicles, which occurred after 19 engines burst into flames when they overheated.

Shares of Apple were up 12% since the start of the week as investors became very optimistic about their newest smartphone. Mobile providers are reporting very strong pre-orders for the iPhone 7 device, and investors are also betting that some of Samsung’s customers will switch to Apple after Samsung recalled their latest phone due to exploding batteries.

Pandora Media announced on Tuesday that it has signed deals with Sony Music, Universal Music Group and Merlin Networks. The company will also introduce a new streaming service for a month which will allow users to skip more songs and store more music in playlists. Shares of Pandora Media were up roughly 5% after the announcement but dropped back down.

Wells Fargo, one of the world’s largest banks, is being investigated by the Justice Department due to sales practices that led to the opening of 2 million accounts, without permission of their customers. This was after the bank already agreed earlier in the week to a 5 million settlement with Federal regulators and the Los Angeles city attorney. Shares plunged over 3%.

German multinational chemical and pharmaceutical company, Bayer finally sealed the deal with Monsanto in a billion acquisition, valued at 8 per share making this year’s biggest takeover. Bayer would also assume about billion debt, if the deal is approved by regulators around the world.

© 2011 Financial Buzz. All rights reserved. No portion of may be duplicated, redistributed or manipulated in any form without our consent, violators will be prosecuted to the full extent of the law.