George Noorey

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George Noorey

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The domestic economic calendar is blank this morning with no new numbers to report.  So we will have to rely on earnings.

Citi Bank announced a $7 billion settlement with the federal government over mortgage practices that led to the fiscal crisis and reported profits of $3.9 billion.  There deposits increased 3% and loans were up 8%. (Yahoo Finance)

While we slept China said their economy grew by 7.4% in the second quarter.  That is equal to what the Chinese economy saw in the first quarter.  (Reuters)

Another old fashioned pension plan bites the dust.  Lockheed Martin will freeze its current pension plan for US salaried workers and move them to a new 401k plan.  Even though retirement savings and investing are on the shoulders of workers the company will match up to 10% of pay depending on the employees saving level. (Fox Business News)

Hobby Lobby opened its first Oregon store in Albany last month and is looking to open a Springfield store early next year.  The company says more Oregon stores are planned. (Oregon Live)

In another example of why the Dow Jones Industrial is a flawed index.  In its latest push to the 17,000 mark five of the indices stocks accounted for half the gains. The index took 153 trading days to go from 16,000 to 17,000.  Those stocks are Caterpillar, Walt Disney, 3M, Visa and American Express. (Wall Street Journal)
 

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