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Friday, April 19, 2013

Weekly Roundup: MarketWatch's top 10 stories, April 15-19

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MarketWatch
Weekly Roundup
APRIL 19, 2013

MarketWatch's top 10 stories, April 15-19

By Sue Chang, MarketWatch

Weekly Roundup
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SAN FRANCISCO (MarketWatch) — Terrorism struck again in the U.S. as two bombs ripped through the iconic Boston Marathon on Monday, killing three and injuring scores of runners and bystanders.

One suspected perpetrator now is dead after a firefight overnight Thursday with Boston-area police and the other on the run Friday as authorities try to piece together what prompted the brothers to target an event that is American in name but global in its reach.

The violence took its toll on the stock market with major indexes closing lower for the week as the nation mourned and reflected upon unrealized potentials and lives cut short.

After a volatile week, the Dow Jones Industrial Average (DJIA) slid 2.1% during the week to 1(DJIA)4,547.51 and the S&P 500 (SPX) was off 2.1% to 1,555.25. Tech-heavy Nasdaq Composite (COMP) fell 2.7% to 3,206.06.

Stay with MarketWatch this weekend as we continue to cover the evolving situation in Boston and for insights on what to expect on the economic front.

 MarketWatch Week Ahead: Apple in Spotlight

 Europe Week Ahead: Euro Zone in Focus

— Sue Chang



Manhunt for second Boston Marathon bombing suspect

U.S. authorities on Friday locked down the Boston area in the hunt for one of two brothers of Chechen background suspected in Monday's Boston Marathon bombings . Authorities identified one suspect as 26-year-old Tamerlan Tsarnaev, who was killed in a confrontation with police. A manhunt was on for the second suspect, identified as Dzhokhar Tsarnaev, 19.

Gold slides for a fourth week

Gold tumbled 7% this week , marking its fourth weekly drop in a row. Gold for June delivery (GCM3) lost $105.80 to settle at $1,395.60 an ounce on the Comex division of the New York Mercantile Exchange. On a percentage basis, it was the biggest weekly loss for a most-active contract since Sept. 23, 2011, according to FactSet.

Apple slumps to 16-month low close

Apple Inc. (AAPL) fell to its lowest close since Dec. 19, 2011, when it finished at $382.21 as more signs emerged of a downbeat earnings report from the company next week.

Other tech stocks similarly had a dismal week, with International Business Machines Corp. (IBM) down 10%, Dell Inc. (DELL) off 5% and Hewlett-Packard Co. (HPQ) declining 6% due to an uncertain outlook for the PC market. The weak PC industry also prompted Blackstone (BX)  to back out of a deal to buy Dell .

Banks have more work to do

Financial stocks were mostly lower this week as big banks like Bank of America Corp. (BAC), Morgan Stanley (MS), and Goldman Sachs Inc. (GS) reported lackluster earnings .

Fed's Beige Book sees 'moderate' growth

The U.S. economy is growing at a "moderate" pace as the rebound in the housing market and the continued recovery in the auto sector offset weaknesses stemming from federal government budget cuts and the expiration of the payroll, according to the Beige Book released by the Federal Reserve.

G-20 seeks to ramp up global growth

The Group of 20 finance ministers and central bank governors urged economic policy makers around the world to take more action to help spur global demand . "Much more is needed to fulfill our commitment to address the ongoing weakness in the global economy," the G-20 said in a communique.

China is repeating Japan's economic mistakes

Japan's Lost Decade of flat growth has come to symbolize the pitfalls of a mature economy adrift. So signs that China may be following in Japan's footsteps is alarming news for the U.S. as China emerges as an important trading partner and a key player on the global stage.

Gun bill dealt setback

Gun-control legislation suffered a harsh blow in the Senate as a bipartisan amendment that would have expanded background checks failed to muster enough votes for passage . Blaming the gun lobby for the setback, President Barack Obama vowed to press forward with gun-control measures.

Putting your kid to work for you is a win-win

Taxes are never fun, but MarketWatch takes a look at how to turn your under-18 kids into productive members of society and even claim a tax break.

Singles swing into retirement with little savings

If you are single, there's another incentive to get hitched—retiring with a bigger nest egg. A study showed that the amount of money singles in their late 60s have saved up for retirement is dramatically less than that of married-couple households..

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