Steve Jobs Resigns, Ben Bernanke Set to Speak, and Jobless Claims Rise: Top Business News
Steve Jobs ends an era for Apple (NASDAQ:AAPL) and technology. The S&P500 (NYSE:SPY) lost $52 billion yesterday after long awaited news Apple’s iconic CEO would resign during his battle with cancer. Jobs moves to Chairman of the Board while COO Tim Cook assumes the CEO role. Apple’s stock was down over 5% on the news, but has since climbed back to be down only 2.3%.
The Federal Reserve meeting in Jackson Hole kicks off. The entire world is watching as Ben Bernanke prepares to deliver the most important speech of his career tomorrow. The Federal Reserve Chairman will deliver breaking news on whether the Fed will initiate a new round of quantitative easing or any other policy to confront what appears to be a stalling economic recovery. If you pay attention to only one thing this week, make sure this is that thing.
Initial jobless claims drift higher. Weekly unemployment claims rose to 417,000 — once again above the critical 400,000 level. So long as claims remain at these levels, the overall unemployment rate will not improve. Don’t Miss: 3 Must See Charts of Initial Jobless Claims >>
The U.S. government is considering a massive mortgage refinancing program. If you have a mortgage with Fannie Mae or Freddie Mac, the government may give you the opportunity to refinance to today’s historically low rates. The move would free up approximately $85 billion currently going into interest payments.
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