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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

U.S. Stocks Rise on Inflation Data as Home Depot Climbs

  • U.S. stocks advanced, after the Nasdaq Composite Index climbed to a 14-year high yesterday.
  • Home Depot gained 3.9 % after earnings topped analysts’ estimates and the company raised its forecast.
  • The Fed will release the minutes of its last gathering tomorrow, before central bankers meet in Jackson Hole, Wyoming.
  • Beginning home construction climbed 15.7 % to a 1.09 million annualized rate in July.
  • The S&P 500 is trading at 17.8 times the reported earnings of its companies.

Home Depot Profit Tops Estimates as Seasonal Sales Gain

  • Net income rose 14 % to $2.05 billion from $1.8 billion a year earlier.
  • Second-quarter sales gained 5.7 % to $23.8 billion.
  • Home Depot said it had about 409.7 million customer transactions in the quarter and that the average purchase increased 1.8 % to $58.43.

TJX, Home Depot Exceed Estimates as Retailers Cope With Slump

  • The discount apparel company that owns T.J. Maxx and Marshalls posted 75 cents in second-quarter profit, topping the 73 cents predicted by analysts.
  • Net sales increased 7% to $6.9 billion.
  • TJX shares rose 6 %.

Verizon Regains Title as Fastest U.S. Wireless Service

  • Verizon recaptured the wireless speed crown it lost to AT&T a year earlier.
  • The improvements in speed suggest AT&T and Verizon, the two dominant carriers in the U.S., will have to work harder to prevent consumers moving over to the smaller carrier.

Sprint New CEO Drops Family, Offers More Shared Data

  • Customers who switch to Sprint can have as many as 10 wireless lines share 20 gigabytes of data for $100 a month.

 

US ECONOMY & POLITICS

Housing Starts in U.S. Rise to Highest Level in Eight Months

  • Beginning home construction climbed 15.7 % to a 1.09 million annualized rate following June’s 945,000 pace.
  • Permits for future projects advanced 8.1 % to a 1.05 million pace.
  • Starts of single-family properties rose 8.3 % to a 656,000 rate in July, the fastest this year.
  • Construction of multifamily projects such as condominiums and apartments rose 28.9 % to an annual rate of 437,000.

Consumer Prices in U.S. Rise at Slowest Pace in Five Months

  • The consumer price index increased 0.1 %, matching the median forecast of 80 economists.
  • The increase in the core gauge matched the June’s advance.
  • Overall consumer prices rose 2 % in the 12 months ended July, following a 2.1 % year-over-year advance the prior month.
  • The core measure increased 1.9 % from July 2013, the same as in the prior 12-month period.
  • Energy costs decreased 0.3 % in July from a month earlier.

 

EUROPE & WORLD

UK inflation falls more than expected; 2014 rate rise less likely

  • Inflation dropped to 1.6 % in July from June’s five-month high of 1.9 %.

 

TODAY in HISTORY

  • The U.S. frigate Constitution, Old Ironsides, defeated the British ship Guerriere during the War of 1812
  • Germans voted to make Adolf Hitler Fuhrer (1934)

 

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg.

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