What we think

IN-THE-MARKETS

In the Markets – Week-Ending February 26

by Peter J. Creedon

Newsletter: In the Markets – Week-Ending February 26
Crystal Brook Advisors
We Make Financial Planning Crystal Clear

United States: The U.S. trade deficit for goods widened in January to the largest level since June, The seasonally adjusted trade deficit widened to $62.2 billion from $61.5 billion in December.(1)

Europe: The pound headed for its worst week in almost six years as anxiety the U.K. will leave the European Union pushed the currency to its lowest level since 2009 . Euro falls below $1.10 after disappointing German index data.(2)

Asia:Barclays PLC’s co-head of investment banking in the Asia-Pacific region is leaving the firm, the latest in a string of departures from the British bank in Asia.(3) Alibaba Group Holding Ltd. is in discussions with banks for a loan of up to $4 billion to fund expansion plans, including acquisitions.

Monday 02/22

• Tenet Healthcare Corp. reported Monday a net loss of $97 million, or 98 cents a share, in the fourth quarter, versus a net income of $61 million, or 61 cents a share, in the year-ago period.(4)

Tuesday 02/23

• Volatility in equity markets appears to have adversely affected consumers’ assessment of the current economic landscape.(5)
• On the heels of a sizable December gain, existing home sales continued to pick up in January, rising to a 5.47 million-unit pace.(6)
• Chipotle Mexican Grill Inc. was downgraded to sell from hold at Deutsche Bank on uncertainty over the way in which customers will receive the company’s turnaround efforts after a months-long E. coli outbreak.(7)

Wednesday 02/24

• New home sales fell a larger-than-expected 9.2 percent in January to a seasonally adjusted annual rate of 494,000.(8)
• April gold climbed $16.50, or 1.4%, to settle at $1,239.10 an ounce. The settlement was the highest since February 12. (9)

Thursday 02/25

• Cablevision Systems Corp. said 2015 marked its first year-over-year growth in customers since 2008.(10)
• Goldman Sachs Group Inc. is struggling to sell some $2 billion in bonds to fund a buyout of software firm Solera Holdings Inc. the latest sign of trouble in the market for debt used in takeovers.(11)

Friday 02/26

• Personal income and personal consumption expenditures both increased a better-than-expected 0.5 percent in January.(12)

Market Close
U.S. stocks closed slightly lower Friday, but logged a second straight weekly gain as oil prices stabilized. The S&P 500 finished 3,68 points, or 0.2%, lower at 1,948.01. The Dow Jones Industrial Average closed 57.52 points, or 0.3%, lower at 16,639.83. The Nasdaq Composite closed 8.27 points, or 0.2%, higher at 4,590.47.(13)

Contributor: Felipe Vargas-Zúñiga

Sources:
(1) Source: Bloomberg
(2) Source: MarketWatch
(3) Source: Wall Street Journal
(4) Source: MarketWatch
(5) Source: The Conference Board, U.S. Department of Commerce, IHS Global Insight and Wells Fargo Securities, LLC
(6) Source: National Association of Realtors and Wells Fargo Securities, LLC
(7) Source: MarketWatch
(8) Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
(9) Source: Fidelity
(10) Source: MarketWatch
(11) Source: MarketWatch
(12) Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
(13) Source: Marketwatch