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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 15, 2014
Page
14
Market snapshot shows the Dow Jones Industrial Average closing near 16,374 with a 0.95 percent weekly decline while the S&P 500 and other indices display mixed performance and a roughly 7.95 percent gain over 43 months.
Wells Fargo & Co reports an 11 percent rise in fourth quarter net income to $5.37 billion with $1.00 per share, beating estimates. Provision for credit losses fell 80 percent to $363 million, while mortgage income declined 49 percent amid slower refinancing.
A satirical forecast cites Scott Burns predicting no payment mortgages yet revealing their spread. It envisions virtuous inflation, a nationwide reading test for Congress, a marijuana roll up by a Wall Street bank, and a surge in tax expenditures fueling political campaigns.
U S retail sales rose 3.8 percent in the 2013 holiday season led by discounting promotions the National Retail Federation says. The NRF cautioned deep discounts could squeeze profits while shoppers hit stores ahead of the holidays.
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