The Week Unpeeled
Heavy news week for the summer (no dog days just yet) from international events to Wall Street to the economy, with the US jobs report kicking off July reports showing that the unemployment rate fell to 7.4 percent for the month from 7.6 percent, but that only 162,000 jobs were added to the payrolls, below expectations and a sign that the recovery is slowing a bit. So no clear picture has emerged on the jobs front, which only means that the Fed tapering talk will likely not taper anytime soon.
- The US issued traveling warnings worldwide for August because of increased “chatter” (not to mention but it wasn’t several prison breaks in Iraq, Pakistan and Libya);
- President Obama opened the discussion of corporate tax overhaul for domestic spending, perhaps easing path to a budget deal;
- Former Goldman banker Tourre found liable on six counts of fraud tied to mortgage deals;
- Bloomberg fires an editor for misfiring on Tourre headline saying he was not liable;
- The Dow ended on another record note for a sixth straight week of gains, closing Friday at 15,658;
- Russia grants Snowden temporary (one year) asylum;
- The New York Times sells The Boston Globe to the owner of the Red Sox and Newsweek resold to digital media company IBT; and Facebook recoups post-IPO losses amid new apparent likes tied to ad prospects.