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Business News

Business News


US Stocks saw gains for the 3rd week in a row last week after a slew of better-than-expected economic data.  The S&P 500 is now within 4 points of the 2000 point mark.

Burger King is negotiating to buy the Canadian company Tim Horton's the maker of coffee and donuts.  The deal will be structured as a tax inversion to move Burger King's domicile out of the United States which would save the company billions in taxes.  Shares of Burger King are 14% higher on that news.(marketwatch)

After weeks of rumors Bank of America and the Department of Justice have announced a $16.65 billion mortgage settlement.  The bank has agreed to pay $9.65 billion in cash to the Federal Government and 6 states, while also providing $7 billion in mortgage relief to consumers.  Shares of Bank of America rose on the news as investors think this will be the final settlement the bank will have relating to the financial crisis.(CNBC)

European stocks rallied today after the European Central Bank President, Mario Draghi unexpectedly suggested another round of stimulus may be on the way for the European economy.  That news sent European stocks higher and the Euro lower.(marketwatch)

AAA says that Americans will travel this Labor Day weekend at the highest rate since 2008.  35 million Americans are expected to travel 50 miles or more this weekend with gasoline prices the lowest they have been in the month of August since 2010.  It seems Americans are optimistic about their financial situation this labor day.(yahoo finance)
 


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