Week in Review
The Week in Review for June 27th 2016, a look at business news you may have missed.
Wall Street Wrap-up
How the S&P 500, Dow, and Nasdaq markets fared over June 20-24 including reaction to the British vote. Why some investors are turning again to junk bonds, saying their higher yields make them a good bet at a time when many stocks and government bonds appear richly valued. For investors, 2016 is turning out to be a banner year for IPOs. For bankers, not so much.
Reports and Announcements
Sales of existing homes rose to their highest level in more than nine years and prices climbed to a new peak in May, the latest sign of rising demand amid steady job creation and low interest rates. The percentage of Americans with subprime credit scores has fallen to the lowest level in more than a decade, a development that could give bank lending and the overall economy a boost. The cost of the groceries purchased to feed a family at home plunged 0.5% in May, matching the largest decline in 14 years.
A Look Around the Nation and the World
A look at the United Kingdom EU vote from June 23. The giant Panama Canal expansion opened June 26 amid much fanfare and one of the worst shipping industry slumps ever. Did you realize, some of the beans in your cup of joe might have been picked during the Bush administration!?
Michigan News
After cratering during the recent recession, Michigan housing prices are continuing to rebound but are still below the pre-recession peak. Michigan’s governor signed a $617 million bailout and restructuring plan for Detroit’s public schools. Eight more coal-fired units at three power plants in Michigan are to be shut-down within the next seven years.
A Look Ahead
The Philippines economically important call center industry has joined the growing list of businesses at risk of being gobbled up by automation. An estimated 231.1 million passengers are expected to fly on U.S. airlines between June 1 and Aug. 31, a 4% increase from the previous high set last summer. And finally The chairman of medicine at a major New York hospital system, is betting he can predict if a patient has strep, pneumonia or other ailments not by ordering traditional lab tests or imaging scans, but by calculating probabilities with a software program.
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