Bitcoin Exchange, Mt. Gox Abruptly Shutdown; Filed for Bankruptcy

Financial News for the Week Ending March 1st

US stocks rose over the week to end at all time highs driven by some positive economic news and statements from the Fed that reassured investors.  The Dow rose 1.4% and the S&P 500 gained 1.3% for the week.  For February both indices rallied strongly from January with the S&P 500 up 4.3% and the Dow gaining 4.0% as concerns eased about economic growth and issues in emerging markets.  Internationally, Japan was down 0.2% for the week, while Europe gained 0.6%.  The 10 year Treasury bond saw its yield to 2.66%.

Home prices last year posted their largest annual gain since 2005.  However, more recent data has seen prices cooling.

Yellen testified before congress saying that bad weather was likely a driver of weaker recent performance, but it bears watching.

The U.S. economy grew at a 2.4% rate in the first revision for 4th quarter GDP, significantly down from the 3.2% first estimated.

The largest Bitcoin exchange, Mt. Gox, abruptly shutdown, filed for bankruptcy and said that over $470 million worth of the currency disappeared from its holdings.  The development spells a large setback to the virtual currency and sent its value tumbling.

Netflix reached an agreement with Comcast to pay the internet provider for better speed for streaming of movies and television shows.

Target’s 4th quarter revenue sank 46% driven by the large data breach and its push into Canada.  However, the number was better than analysts expected.

Freddie Mac posted a record $48.7 billion profit in 2013 on the housing rebound.

Reposted from the Raffa Wealth Management Blog.

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC

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