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Bob Carey
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  US Stocks Week Ended March 21, 2014
Posted Under: Weekly Market Commentary

 
In a week when Fed Chair, Janet Yellen, suggested interest rates may rise sooner than originally anticipated, one might expect to see stocks fall. However, the S&P 500 returned 1.48% for the week and major indexes declined only on Wednesday, the day of the Fed's announcement. In addition to Chairwoman Yellen's press conference, the Fed reported the results of their annual test of banks' financial health. Of the nation's 30 largest banks, 29 were judged to have enough capital to withstand severe economic turmoil. The only bank not passing the Fed's test was Salt Lake City's Zions Bank. In company news, falling sharply last week was antivirus software designer, Symantec. The company announced the firing of CEO, Steve Bennett, who had only been in the job for a year and a half. The company saw its shares fall 9.7% last week. Shares in General Motors rose 2.69% last week. This is a welcome sign for a company that has been battling issues related to deaths tied to the delay of a recall of 1.6 million cars due to ignition defects. European telecommunications company, Vodafone, announced a $10 billion deal to acquire Spanish cable television provider, Ono. One of last week's strongest performers was solar-products maker, First Solar. Shares in the company advanced nearly 36% on much-better-than-expected sales and earning guidance. Looking ahead, on Tuesday, King Digital Entertainment , the maker of the hit mobile game, Candy Crush Saga, will debut their shares in an IPO that values the company at $8 billion. Also, Microsoft is planning to release their Office suite of applications for the iPad device. Finally, companies reporting earnings are Accenture and LuluLemon.
Posted on Monday, March 24, 2014 @ 8:33 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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