The Week Unpeeled
Tornadoes ripped through the Midwest and Euro worries (Spain mostly now it seems) ripped through the markets, sending the Dow down 1.6 percent for the week for its worst weekly showing for the year to end at 12,849. Banks earnings at two of the majors (JP Morgan and Wells Fargo) were slightly above estimates but still raised concerns as analysts dug below the headline numbers. Elsewhere:
- Rick Santorum dropped out of the GOP contest, making Mitt Romney the Republication presidential candidate apparent;
- InstaMultiMillionaires: Facebook bought app Instagram for $1 billion (who’s producing the “Startups Gone Wild” video, btw?);
- The Titanic disaster marked its centennial over the weekend, causing more-than-needed broadcast coverage;
- The Secret Service proved to be agents gone wild ahead of President Obama’s visit to Colombia; and
- “Huddling” cost Goldman $22 million in fines when SEC learned that non-public information from meetings between analysts and traders were shared with some clients (and who said Goldman lost its focus on clients?).