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Schwab Market Update
Posted: 9/8/10 4:15 PM ET Stocks were modestly higher on the day, overcoming early pressure from European debt concerns, and showing little reaction to US economic news, which included a fall in mortgage applications and a decline in use of credit by consumers, and Treasuries were lower. The mid-day release of the Beige Book from the Fed noted “widespread signs of deceleration” in the economy in an informal survey of activity, although two districts reported net improvements. On the equity front, the battle over Oracle Corp’s hiring of Dow member Hewlett-Packard Co’s former CEO Mark Hurd continued, chipmaker Altera Corp raised its revenue guidance, Phillips-Van Heusen Corp beat estimates, and Bristol-Myers Squibb announced the acquisition of ZymoGenetics. In energy news, the Energy Information Administration raised its forecast of US oil demand for 2010, and BP Plc announced the findings of its internal investigation of the Gulf oil spill. |