Today's bonuses include still another study showing the growing gap in inequality and income in the U.S. Gotta admit, Ritholtz believes in giving all sides since yesterday's post was about the opposite. Plus there's a fascinating Sunday reading list, the article on gold looking like a particularly good read. Hope you all had a great weekend!
Positives:
1. Weekly jobless claims came in at 255k, the lowest reading since 1973!2. Existing home sales rose 3.2% in June to an annualized rate of 5.49mm, the fastest pace in more than eight years.3. Mortgage applications rose 1% w/o/w.4. Amazon turns a profit! Shares were up double-digits.
Negatives:
1.Refinance applications fell 0.5% w/o/w.2. Pending home sales came in at 482k, below the 548k expected.3. Apple, despite growing revenue at 33% and earnings up 45%, did not meet shareholders’ expectations, finishing down nearly 4% on the week.
BONUS #1:
BONUS #2:
Start your first day of the week with our slow
brewed Sunday morning reads:
• Why European Earnings Will Power Past U.S. (Bloomberg)
• U.S. Markets Are an Oasis for Buy-and-Hold Investors (NYT)
• It’s Hard to Bet Against Houses (Bloomberg View)
• Gold is Dead, Long Live Gold: Heavy is the head that wears the crown. (Market Anthology)
• Amazon and Apple Take Part in a Keynesian Beauty Contest (Marketbeat)
• How an investing giant taught Chicago kids financial literacy and disproved the doubters (Fortune)
• 1-800-HIRE-A-CROWD: The business of generating fake enthusiasm, from flash mobs to the campaign trail (The Atlantic)
• Do You Know What Your Time Is Really Worth? New online tools help people value an hour; the time vs. money trade-off (WSJ)
• Want more wind and solar? We’ll need to get rid of outdated grid rules. (Vox)
• The surprisingly sad saga of the Oregon State Library Girl (Daily Dot)
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