February Sparks Stock Slide Deepening Fear of Higher Rates
U S stocks fell again as February closed the worst month in two years with the S P 500 down 3.9 percent and the Dow off 380 points. Oil weakness and inflation fears drove losses while traders weighed how many rate hikes the Fed may pursue this year amid tax cut effects. The 10 year Treasury yield eased to 2.86 percent as markets brace for volatility ahead.
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Standard & Poor
Brian Peery
Hennessy Funds
Federal Reserve
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Peery
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U.S. GDP growth revised to 2.5 percent for Q4
The Commerce Department shows fourth quarter GDP at 2.5 percent annual rate, down from 2.6, due to slower inventory restocking and weaker business investment. Consumer spending rose strongly but furniture and clothing purchases were revised lower, offset by services spending. The expansion persists into its ninth year, with analysts noting momentum unchanged.
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Pizza Hut becomes NFLs official pizza partner replacing Papa Johns
NFL announced Pizza Hut as the new official pizza partner for four years after Papa Johns ended its sponsorship. NFL commissioner Roger Goodell praised the family friendly focus and fan experience aim. Papa Johns cited a mutual split amid declines tied to anthem protests and leadership disagreements. Lowe’s posted Q4 earnings miss with 16.4 percent drop to 554 million and revenue 15.49 billion despite 3.7 percent U S same store sales growth in home improvement segment.
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Bank of America to Hire 5400 For 500 New Or Refurbished Branches
Bank of America plans to hire more than 5,400 workers and open over 500 branches nationwide while refurbishing existing locations. The Charlotte based bank will add Cincinnati Cleveland and Columbus Ohio retail banking services and expand its branch business into Ohio.
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