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Wednesday, July 30, 2014

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July 30, 2014
MEDIA MATTERS: The Washington Post Is 'Obsessed' With Hillary Clinton's Wealth MEDIA MATTERS: The Washington Post Is 'Obsessed' With Hillary Clinton's Wealth
by Hunter Walker on Jul 30, 2014, 7:01 PM
Liberal watchdog group Media Matters published...


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Emails show ex-IRS official Lerner using derogatory terms for Republicans

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Emails show ex-IRS official Lerner using derogatory terms for Republicans
Emails show ex-IRS official Lerner using derogatory terms for Republicans

House Republicans have dug up emails from Lois Lerner in which the former IRS official refers to some in the Republican Party as "---holes" and "crazi...

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Official Says Women Shouldn't Laugh, Country Cracks Up (Newser Happy Hour 6-pack)

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The day's six most popular stories, in time to unwind.


Official Says Women Shouldn't Laugh, Country Cracks Up

Official Says Women Shouldn't Laugh, Country Cracks Up

(Newser) - Turkey's deputy leader doesn't like it when women laugh in public, but he's caused plenty of hilarity across the country. In a widely mocked speech attacking "moral corruption," Deputy Prime Minister Bulent Arinc slammed women for spending too much time talking on the phone, said... More  »

 
300 Guests Brawl in Giant Wedding Fight

300 Guests Brawl in Giant Wedding Fight

(Newser) - A huge fight erupted at a New Jersey wedding this weekend, with 300 guests involved in the tussle as police struggled to control the situation. The wedding-hall brawl, which, unsurprisingly, involved booze, began around 10:30pm on Sunday, more than seven hours into the event, the Asbury Park Press reports.... More  »

 
Landmark Ruling Opens Door for Fast-Food Unions

Landmark Ruling Opens Door for Fast-Food Unions

(Newser) - McDonald's can't completely reject responsibility for the pay and working conditions of people in McDonald's uniforms serving McDonald's food at McDonald's restaurants, the National Labor Relations Board decided in a landmark ruling yesterday. The board said that the company could be considered a joint employer... More  »

 
Teen Invents Way to Prevent Hot Car Deaths

Teen Invents Way to Prevent Hot Car Deaths

(Newser) - An inventor has developed a possible solution to the recurring problem of kids left in hot cars—and she did so before even graduating from high school. Alissa Chavez, 17, came up with the basic idea for her lifesaving contraption for a school science fair, the Washington Post reports. (Yes,... More  »

 
Mom of Mexican Teen Killed by Border Patrol Sues

Mom of Mexican Teen Killed by Border Patrol Sues

(Newser) - The mother of a Mexican teen shot at least eight times in the back by US Border Patrol agents firing over the border is going to court to find out who killed her son. Jose Antonio Elena Rodriguez, 16, was shot by at least one agent in October 2012 as... More  »

 
Women Run Over by Train, Survive, Flee the Scene

Women Run Over by Train, Survive, Flee the Scene

(Newser) - A camera mounted on a 14,000-ton freight train in southern Indiana captured what was likely a heart-stopping moment for the engineer: the sight of two women lying down on the tracks right before the train ran them over. Even though the engineer thought he had struck and killed the... More  »

 

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GDP SPIKES, FED STAYS THE COURSE, STOCKS GO NOWHERE: Here's What You Need To Know

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Closing Bell
 

July 30, 2014

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Markets were mixed as GDP data came in better than expected, the Federal Reserve's latest monetary policy decision had no surprises, and the situations in Gaza and Ukraine remained unsettled.

First, the scoreboard:

  • Dow: 16,880.36, -31.8, (0.2%)
  • S&P 500: 1,970.07, +0.1, (+0.01%)
  • Nasdaq: 4,462.90, +20.2, (0.4%)

And now, the top stories on Wednesday:

1. The Bureau of Economic Analysis released its initial estimate for second quarter GDP, which showed that the economy expanded 4% on an annualized basis during the quarter. First quarter GDP was also revised up to contracting 2.1%, better than the 2.9% contraction that the last reading indicated. Following the report, Chris Rupkey, chief economist at Bank of Tokyo Mitsubishi UFJ said, "Apart from the inventories issue, is it a real 4% or is it a mirage? The consumer is back... Things can’t go too far wrong if the consumer is out shopping. It was a cold winter and heating and housing expenditures added 0.7 to growth in the first quarter and now subtracted 0.4 in the second quarter... Car sales added 0.4 to the 4.0% GDP and should have with car sales shooting higher to a 16.9 million normal annual rate of sales in June. If the Fed had car sales on the dashboard they would raise rates right now."

2. The Federal Reserve's Federal Open Market Committee released its latest monetary policy decision, with the FOMC taking another $10 billion off its monthly asset purchases and keeping interest rates between 0%-0.25%. The FOMC's announcement, which was not accompanied by a press conference from Fed Chair Janet Yellen, showed that the Committee believes, "a range of labor market indicator suggests that there remains significant underutilization of labor resources." Following the Fed's announcement, Steven Englander at Citi said, the Fed is, for the first time, giving strong indications that it's moving towards hitting both its labor and inflation targets. 

3. While the headline GDP number far outpaced the 3% that was expected by Wall Street economists, two concerns were lurking below the surface. Primarily, as BI's Rob Wile noted, a large build in inventories added 1.66% to Q2 GDP. Inventories are typically one of the most volatile components of GDP, and the BEA itself noted that buildups in inventories can signal future cutbacks in production, while inventory shortages could signal future production increases. The GDP report also contained a number of revisions to past reports, notably a reduction in GDP for the period spanning 2011-2013 to 2% growth from 2.2%. 

4. Also in economic news, ADP's private payroll report for July showed that U.S. companies added 218,000 jobs in July, fewer than the 230,000 expected by economists and down from 281,000 in June. "The July employment gain was softer than June, but remains consistent with a steadily improving job market," said Moody's Analytics' Mark Zandi. 

5. Shares of SodaStream surged 10% after the company, which makes at-home soda brewing units, reported second quarter earnings and revenue that were better than expected. SodaSteam, however, said it was lowering its U.S. soda maker sales projections for the second half of the year. 

6. Former Chairman of the Federal Reserve Alan Greenspan was in the news today after saying in an interview on Bloomberg TV that a "significant" stock market correction has to come. Greenspan also said that the economy is "running out of buffer," saying that should a major geopolitical conflict spring up, our economy doesn't have the resources to find new potential funding, specifically for the defense sector. 

7. Today marks the deadline for Argentina to either pay its lenders, which include hedge fund manager Paul Singer, or face defaulting on its debt. As of the market close in New York, the situation remained unresolved. 

Don't Miss: Goldman Sachs Predicts The Slow Decline Of Wal-Mart And Target »

SEE ALSO: Wall Street's Brightest Minds Reveal The Most Important Charts In The World

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These Are The Reasons Why Snapchat Deserves A Massive $10 Billion Valuation

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Business Insider Select
 
July 30, 2014
These Are The Reasons Why Snapchat Deserves A Massive $10 Billion Valuation These Are The Reasons Why Snapchat Deserves A Massive $10 Billion Valuation

Snapchat is on a roll. 
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The Decision That Helped Make Me A Millionaire Before Age 40
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This Map Shows You If You Live In A 'Bomb Train' Blast Zone
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California's First Openly Gay Governor: 'I Wish My Parents Could See This'
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Argentina Finally Makes An Offer Worth Listening To
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