In The News:
We’ve Been Hacked…
Yahoo (YHOO) revealed in a post on Thursday that they recently have been the target of a cyber-attack. Yahoo (YHOO) recently identified coordinated efforts by hackers who tried logging in to email accounts with stolen usernames and passwords. The posting did not say how many accounts were affected, saying only that it had teamed up with federal law enforcement to investigate the attack. User’s credentials were taken from a third-party database. With 273 million email accounts worldwide, Yahoo is the second largest email provider, behind Google’s (GOOG) Gmail. After Target (TGT) and Neiman Marcus, the last thing Yahoo’s 81 million U.S. email users need to worry about right now is another security breach.
We’re still growing…
On Thursday, the Commerce Department released Q4 GDP (Gross Domestic Product) which showed the U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years. The increase followed a 4.1 percent growth rate in the July-September quarter, when the economy benefited from a buildup in business stockpiles. For 2013 the economy grew a 1.9 percent, weaker than the 2.8 percent increase in 2012, the Commerce Department said Thursday. Higher taxes and federal spending cuts held growth back last year. With those two drags diminished, many economists think growth could top 3 percent in 2014. If growth comes in at 3% it would be the best performance since the recession ended in mid-2009.
The strength in the final three months of 2013 came from growth in consumer spending which saw an increase of 3.3%. It was the best spending rate since 2010. Why is consumer spending is particularly important? It accounts for about 70 percent of the overall economy.
In The Markets:
Low trading volumes as the Shanghai and Hong Kong markets were closed due to the Chinese New Year holidays helped the rest of the markets close flat on the last trading day of January.
European stocks rebounded on Thursday as the news out of the US growth offset worries about Chinese manufacturing data showing continued signs of slowing down.
US markets rebound on Thursday. Investors cheered the Q4 GDP report showing solid growth in the economy. DJIA: +109.82 15848.61 S&P +19.99 1794.19 Nasdaq +71.69 4123.12
In Dinner or Drink:
Pour lime juice into a highball glass over ice cubes. Add rum, fill with cola, stir, and serve.
Have a safe and wonderful weekend!
“Everything you can imagine is real.” ― Pablo Picasso