Media Navel Gaze: July 15, 2013
The Week Unpeeled
The summer sizzled continued in US stocks last week – amid a relatively quiet news week with the major barometers hitting new highs as the Dow closed to a record 15,464 on the back of better-than-expected bank earnings (JP Morgan, Wells) and seemingly less concern about Fed taper talk. For the week, the Dow is up 2.2 percent and for the year up 18 percent.
Elsewhere:
- Despite the rallies, the IMF has cut its forecast for global growth and economists trimmed estimates for US second-quarter growth amid talk of less bank stimulus and softness in some indicators;
- NYSE is buying Labor, the “scandal-tarred” bench owned by British banks in apparent hopes for image de-tarring;
- Edward Snowden broke silence and declared he wants to seek asylum, for now, Russia;
- The SEC voted in favor of lifting a ban for hedge funds and other businesses that issue private stock to “go forth and advertise” (WSJ language); and
- Hulu decide not to sell, making news at Allen & Co.’s media and technology conference in Sun Valley, Idaho.
