Monday’s Midday Movers: 3 Stories Driving Markets
The major markets were gaining Monday as investors remained confident that the Federal Reserve’s stimulus program would continue. As of noon:
|DIJA: +1.04% to 15,535.35||S&P 500: +0.92% to 1,703.51||NASDAQ: +0.38% to 3,736.28|
|Gold: +0.2% to 71.68||Oil: -1.09% to 25.38||U.S. 10-Year: -3.35% to 28.01|
Here are three stories helping shape the market Monday afternoon.
1. Mr. Market Throws Summers a Farewell Party: Financial markets around the world seemed to welcome news that former U.S. Treasury Secretary Lawrence Summers has withdrawn his name for consideration to be the next chair of the Federal Reserve. The news broke Sunday, when a letter that Summers wrote to President Obama announcing his desire to withdraw was published online.
Summers wrote: ”This is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economic recovery”… (Read more.)
2. Will Grand Theft Auto 5 Shatter the Record Books? Rockstar Games, which is owned by Take-Two Interactive Software (NASDAQ:TTWO), is set to release one of the most anticipated games of the fall Tuesday: Grand Theft Auto 5. While the game is poised to smash records in what amounts to a last hurrah for the current generation of video game consoles, GTA5 has already broken a few records on its journey to gamers, including its size and budget.
The hugely popular series revolves around an open world action adventure experience, in which players are guided along an overarching narrative but are nevertheless free to explore and interact with the world as they see fit, even ignoring the narrative altogether if he or she wants. The latest installment in the GTA series follows ex-bank robber Michael de Santa as he looks to get back into things with the help of fellow playable characters Franklin Clinton and Trevor Phillips… (Read more.)
3. Obama: Republicans ‘Not Serious’ About Negotiating Budget: In the latest turn of events for the Republican caucus, Speaker of the House John Boehner (R-Ohio) found himself the object of pity as he struggled to reason with House members bent on defunding Obamacare and a Democratic Party that considers the move non-negotiable. In an interview on ABC News on Sunday, President Obama reiterated his party wouldn’t bargain with the debt ceiling and lamented that Republicans “haven’t been willing to negotiate in a serious way” on the budget.
On “This Week with George Stephanopoulos,” Obama once again addressed the cause tea party members in the House of Representatives are pushing Republican leadership to advance… (Read more.)
Don’t Miss: Mr. Market Throws Summers a Farewell Party.