Tuesday, September 3, 2013

Economic Journal - Tuesday, 9/3/2013

(As of 7:21 am PST)
 
It was a good start for markets globally yesterday while the US stock market sat out the exuberance with the observation of Labor Day.  International gains based on positive economic data in Asia and Europe spilled over to US markets this morning with the Dow Jones Average being up triple digits to start.  The big news in corporate acquisitions was Microsoft’s announcement to buy Nokia’s cell phone operations. Microsoft intends to make Finland (home to Nokia) its base of operations for mobile phone operations.  Nokia soared in value while Microsoft was one of the biggest decliners on the Dow.   Another large acquisition involved Verizon’s purchase of global cell phone powerhouse Vodaphone.  Both are down after recording significant gains in the days leading up to merger finalization.  Gold is up and oil is down slightly.  Worries over Syria are on the back burner since nothing is likely to happen at least until Congress reconvenes later this month.  Expect investor anxiety to continue at a high pace after European news is digested.  Markets might give back some of these built in gains as investors weigh the significant events that September might provide.

No comments: