Big Banks Get a Break and SolarCity Surges: Market Recap
The S&P 500 gave up its five-year high on Monday as the markets simmered down after a tremendous first week of the New Year.
At the close: DJIA: -0.38%, S&P 500: -0.31%, Nasdaq: -0.09%.
For the past five trading days: DJIA: +2.14%, S&P 500: +2.50%, Nasdaq: +2.63%.
On the commodities front, Oil (NYSE:USO) climbed 0.14 percent to $93.22 per barrel. Precious metals were mixed, with Gold (NYSE:GLD) falling 0.07 percent to $1,647.70 per ounce, and Silver (NYSE:SLV) climbing 0.75 percent to $30.17 per ounce about 20 minutes after the bell.
Ten major U.S. banks, including JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), and Citigroup (NYSE:C), will pay a combined $8.5 billion to settle a case with the Office of the Comptroller and the Federal Reserve over improper foreclosure practices during the financial crisis that could have led to thousands of homes being unfairly seized and sold… (Read more.)
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Shares of Disney (NYSE:DIS) closed down 2.3 percent. News that the entertainment empire is undergoing an internal cost-cutting review could be affecting the stock price, as people with knowledge of the matter told Reuters that one the the results of the review could be layoffs, and speculation indicates the company has some difficult obstacles to overcome… (Read more.)
Shares of SolarCity (NASDAQ:SCTY) closed up 10.9 percent on a string of “Buy” and “Outperform” ratings issued by top banks. The solar-installation firm expects to install 60 percent more megawatts worth of panels in 2013 than it did in 2012.
Will Housing Prices Move Higher in 2013? Fannie Mae’s December National Housing Survey showed that consumer confidence in the housing sector increased last month as Americans continued to expect home prices to grow. The survey’s results were marked by positive attitudes toward home price, rental price, and mortgage rate expectations, and participants’ belief that housing indicators will improve this year could contribute to a boost in home purchase activity in the coming months, according to the mortgage association… (Read more.)
Don’t Miss: 4 Earnings to Look Out For This Week.