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.
- 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.