US Stocks traded higher yesterday with the S&P 500 Index hitting yet another record high close.
This morning the European Central Bank cut interest rates and added a negative rate on bank deposits for the first time in their history. The ECB will now charge commercial banks .10% to hold their money. The ECB is scared of deflation in the Eurozone and hopes banks will now lend money b/c it will now cost them to hold it.(marketwatch.com)
US Jobless claims rose 8,000 last week to 312,000 which is still near post-recession lows and should continue to push the unemployment rate lower.(yahoo finance)
Sprint and T-Mobile have agreed on broad terms of a merger worth about $50 Billion. Under the deal Sprint would acquire T-Mobile and create the 3rd largest wireless operator behind AT&T and Verizon, and give consumers fewer choices for wireless service. Shares of Sprint and T-Mobile both rose on the news.(marketwatch.com)
And Nike wasn't joking when it said it looks forward to a deeper partnership with Apple. Nike is building a shoe that can be tied and tightened with an iPhone app. (because we all know how hard it is to bend over and tie our shoes). Apple also announced this week at their developers conference that their new operating system will work closely with Nike's fitness measuring digital tools. Apple's CEO Tim Cook is also on Nike's Board.(Portland Business Journal)