Wall Street’s having a difficult time shrugging off doubts about the economy and government gridlock. Mixed economic reports and concern about a government shutdown dragged stocks lower in the final half-hour of trading yesterday.
The Dow lost .4% percent to 15,335.
The S&P dropped .2% to 1,697.
The Nasdaq managed a fractional gain to 3,768.
Oil added 32-cents to $103.47/Barrel.
One piece of good news: U.S. home prices rose 12.4% in July compared to a year ago, despite more expensive mortgages. David Blitzer from the S&P Dow Jones Indices says, “Rising interest rates don’t seem to have much impact on home prices yet or on home sales at this point.”
New York Attorney General Eric Schneiderman sees a growing, new threat on Wall Street he calls “Insider Trading 2.0:” A toxic-combination of high-frequency trading with potentially-illicit early-access to data. “It goes beyond traditional insider trading. It’s really more insidious than traditional insider trading,” says Schneiderman. The Fed is investigating whether someone had advance knowledge of last week’s interest rate announcement, and used the intel to trade gold contracts ahead of the news.
Amazon CEO Jeff Bezos says you’re going to love the “mayday” feature on the new HDX 8.9, one of three new Kindle Fire tablets out today–a free service that gives you a co-pilot on your device. Amazon also cut the price on what will be its entry-level 7-inch tablet, the Kindle Fire HD with 8 gig’s of memory, to $139.
Burger King introduces its new crinkle-cut side dish–and a new nominee for the American Lexicon: “Satisfries,” french fries for the more health-conscious: What’s the difference? The old fries have 340 calories in a small…the new Satisfries have 270.
Men’s Wearhouse is extending its alliance with David’s Bridal to supply tuxedos for rent for five more years, with an option for another five. Men’s Wearhouse also supplies tuxes to Vera Wang and The-Knot-dot-com.
Houston stands to benefit from a proposed Transatlantic Trade and Investment Partnership. The bilateral trade deal between the European Union and the U.S. would create over 67,000 new jobs, and imports of chemicals could increase by $4.9 billion dollars, based on estimates by the British Embassy and the Bertelsmann Foundation.