Stocks closed lower today as investors eyed economic data and less than stellar earnings. Further impacting markets was the Department of Justice’s move to block Anheuser-Busch InBev’s deal for the remainder of the Mexican brewer, Grupo Modelo. This move may put Constellation Brands’ plans to fully acquire Crown imports in jeopardy.
In economic news, the number of people filing for unemployment rose sharply last week, but is attributed to seasonal fluctuations.
Personal income rose 2.6% in December. The Commerce Department said the rise is attributed to special dividends and accelerated bonuses to beat increases in taxes this year.
The markets have taken a breather from their recent rally this week, staying in a tight range and moving sideways. Generally downbeat economic data has been offset by solid earnings reports, and the Fed’s assurance that their “easy money” policy will remain for the foreseeable future. Here are three drivers that have moved the market this week:
Pending Home Sales Fall
The National Association of Realtors Pending Home...
Breakfast Bites: Equities are struggling to maintain gains this morning in the face of mixed economic reports and earnings as investors bargain hunt after the best start to a year for the S&P 500 since 1989
American incomes rose in December by the most in eight years, a positive sign for consumer spending that could help the economy sustain momentum early this year. Personal income for Americans rose 2.6 % last month, the Commerce Department said. That was the biggest increase since December 2004 and well above analysts' expectations for a 0.8 % gain.
Consumer spending rose 0.2 % after a 0.4% gain the prior period
The number of Americans filing new claims for unemployment benefits bounced off five-year lows last week, pulling them back to levels consistent with modest job growth. Initial claims for state unemployment benefits increased 38,000 to a seasonally adjusted 368,000
On Thursday, Jan. 31 executives of California-based homebuilder TRI Pointe Homes will visit the New York Stock Exchange (NYSE) to celebrate the company's completion of its initial public offering and first day of trading. TRI Pointe Homes will begin trading on the NYSE today under the ticker symbol "TPH." TRI Pointe Homes operates in California and more recently Colorado.
To highlight the occasion, company executives from TRI Pointe Homes and Starwood Capital Group, which invested in TRI Pointe Homes in 2010, will ring the NYSE Opening Bell.
About TRI Pointe Homes, Inc.
The Company is engaged in the design, construction and sale of innovative single-family homes in planned communities in major metropolitan areas located throughout Southern and Northern California and...