Business News

Mr. Market has a new friend â€" â€" Janet Yellen

Fed Chair Janet Yellen made Mr. Market very happy by telling us we will have an interest rate hike later this year.  The good news is this means the health of global economy might not be that big a concern after all for policy makers. (CNBC)
The third and final estimate of 2nd quarter GDP shows the US economy grew at a 3.9% rate. That is better than expectations and a good rate of economic growth. (AP)
Nike reported a 23% jump in quarterly profits of
just under $1.18 billion. Sales leapt 5% to $8.41 billion.  A stronger dollar hampered the results and revenue would have climbed 14%, excluding that impact. Sales in North America were up 9%, rose 14% in Western Europe and climbed 26% in Central and Eastern Europe. The most significant growth came from China and Japan. Sales rose 30% in China and 35% in Japan. (AP)
Bed Bath & Beyond posted a quarterly profit of $1.21 per share, but sales were below estimates, and same-store sales increased by a lower than expected 0.7% compared to the prior year. The company's margins have been pressured in recent months by increased promotions, and higher spending on online advertising and technology upgrades. (CNBC)

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