Market Midday, with news on Citigroup, Inc (NYSE:C), American International Group (NYSE:AIG), Ford Motor Company (NYSE:F)
The major US indexes are up slightly to start the trading day. At the time of writing, the Dow is up 45.48 points, the S&P is up 0.59 points, and the Nasdaq is just under positive to start the day at -2.38. The big news on the market is the rise of consumer confidence, which seems to have bolstered investor spirits slightly after a rough couple weeks in economic data has shaken off the early summer’s optimistic attitude. The index, put out by the Conference Board, has consumer confidence increasing to 53.5 for this month; economists were predicting a decline to 50.7, according to Bloomberg. Anything over 50 on this scale is considered positive.
More movement will likely happen later in the day, as the Federal Reserve is expected to release the minutes from their most recent meeting. These minutes are carefully poured over by investors and economists, who meticulously scour the wording for clues as to future policy changes. In other news, it’s being reported the American International Group (NYSE:AIG) recent sale of Taiwanese life insurance unit, to the company Primus Financial Holdings, has been rejected by that countries regulatory board. The regulatory board commented that they believe Primus may be receiving funds from Chinese investors.
To return to our overall news, another index is also being reported as higher than expected this summer. According to the S&P/Case-Shiller 20-city composite home price index for June, home prices rose 4.2% from 2009. Experts had been calling for a 3.1% rise; 17 of the 20 cities in the survey reported overall housing price increases. It wasn’t all good news, however: The index reporters were also quoted as saying that “other recent housing indicators point to more ominous signals as tax incentives have ended.”
In banking news, it’s being reported that Citigroup, Inc (NYSE:C) is planning to double the number of Asian-desks around the world by 2012. The desks are being planned in response to the increasing globalization of their Asian-based clients. The number of desks, which are located in places such as Moscow and London, are planned to increase to 26 (Citi currently has 13 such desks worldwide). Most of these planned desks are to be focused on China, while the majority of the previous desks were focused on Japan.
In automotive news, Ford Motor Company (NYSE:F) has reportedly reached a settlement between itself and disgruntled nonunion and retirees who had held money in the company’s stock in retirement accounts. The company has agreed to offer free investment advice to the group, though no money will be exchanged. Overall, the company’s common stock price is down 0.04 points to start this Tuesday, sitting at 11.31 total (a 0.40% decline).
That’s all for the day!
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