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Friday, June 28, 2013

Weekly Roundup: MarketWatch's top 10 stories, June 24-28

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MarketWatch
Weekly Roundup
JUNE 28, 2013

MarketWatch's top 10 stories, June 24-28

By MarketWatch

Weekly Roundup
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Friday marked the end of the month and of the quarter, in addition, of course, to the week — a week that, itself, was marked by several finales and prospective bookends.

When, the market was asking, would the Federal Reserve begin to wind down — or taper, in the current parlance — its bond buying? Did the Supreme Court's decision in the Defense of Marriage Act case signal the end of matrimonial discrimination in America? Is the long-running gold rally well and truly finished? What of the bond boom? And was this the last gasp of BlackBerry's bid to recapture squandered glory?

Not to put too fine a point on it, with all that talk of cessation in the air, our Rex Nutting was asking: Who killed the American dream ?

Getty ImagesGay-rights supporter Vin Testa waves a rainbow flag outside the Supreme Court building on June 26.The stock market closed out the week higher, despite a patch of intensified selling in Friday's dying moments. And, while June was a down month, the quarter was a winner for the Dow industrials (DJIA), the S&P 500 (SPX) and the Nasdaq Composite (COMP) were all up for the second quarter. In fact, with a 13.8% gain, the Dow enjoyed its best first half since the final year of the last millennium.

See Market Snapshot for more daily, weekly, monthly, quarterly and year-to-date stock-market facts and figures.

Stick with MarketWatch this weekend for breaking news and continuing coverage of the stories that affect your portfolio, your life and your retirement.

— Tim Rostan and Saumya Vaishampayan

BlackBerry in the red

BlackBerry shares (BBRY) were crushed after the Canadian smartphone maker failed to swing to a profit and reported lackluster shipments. Full story: BlackBerry bruised as BB10 sales fall short.

Celebrations at the CPA's office

The Supreme Court ruled that the Defense of Marriage Act is unconstitutional this week, which could result in tax refunds from Uncle Sam for eligible couples if they amend past returns. Full story: Same-sex couples: Celebrate, then call a CPA

Detroit's muni mess

Detroit's messy restructuring plan, an effort to avoid filing for bankruptcy, is ruffling feathers in the municipal-bond market over its treatment of general obligation bonds. See: Detroit receiver's plan has muni market on edge.

Fed officials to market: Calm down, 'feral pigs'!

Top Federal Reserve officials sought to calm markets in the wake of the Fed's monetary-statement last week and subsequent jump in interest rates, as they said market participants misunderstood the Fed's policy. See: 3 more Fed officials chastise 'feral hogs.'

Central bank of the world

The U.S. isn't threatened by a potential slowing of the Federal Reserve's asset purchases later this year, it's the rest of the world. And this means that Fed Chairman Ben Bernanke has to decide whether the Fed is the central bank for the U.S. or the world, writes Matthew Lynn. Read the full column: U.S. ready for Fed taper, but rest of world isn't.

Health care is so overrated

The young people who surged to the polls in 2008 to elect President Barack Obama might be the same people who fail to comply with his historic health-care law. Full story: Why young Americans may dodge health law.

Swiping an iPhone might take on new meaning

Consumers agonizing over the next update to Apple Inc.'s (AAPL) iPhones should read through its recent patent application, which hints a fingerprint reader technology, writes Nigam Arora in Trading Deck. See column: Apple's fingerprint reader: the secret is out

Gold's worst quarter, ever

Gold futures made history on Friday as they posted the worst quarterly loss since modern trading began with a drop of more than 23% in the period. Full story: Gold sees record quarterly plunge.

Former New Jersey governor faces charges in MF Global collapse

Jon Corzine, former chief of MF Global and ex-governor of New Jersey, was slapped by civil charges for his involvement in the collapse of MF Global Holdings Ltd. Full story: Corzine knowingly directed customer fund use in MF Global's final days, complaint says.

Mortgage rates

The 30-year mortgage rate posted the largest weekly rate increase since 1987, accelerating after Federal Reserve Chairman Ben Bernanke talked about tapering later this year. What does this mean for refinancing your mortgage? See the mortgage-rate spike that's killing refis.

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