RK Walker of Financial Buzz summarized the financial news for the week of February 14 from the New York Stock Exchange.
The beginning of the week started lackluster as the economy was waiting for a resolution to the stand-off by the federal government on the budget. Things picked up on Thursday when House Speaker John Boehner said that Republicans would be willing to temporarily increase the debt ceiling in exchange for discussions with President Obama about other budget and deficit issues. During these discussions it seems that Republicans are not so interested in taking away funding for Obamacare. The Dow Jones Industrial Average and the S&P 500 both rallied more than 2% on the news of the possibility of negotiations to end the government shut-down.
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In what is good news for the stock market, President Obama nominated Janet Yellen to replace Ben Bernanke as the head of the central bank. Yellen is considered dovish, meaning that she supports the easy money of the Fed. Since Yellen’s nomination was already widely expected, there was not that much of an effect on the market.
Jobless claims had a huge spike this week, coming in at 374,000, however most of the increase is due to computer problems in California, so the numbers are not very reliable. Several reports that were due to come out this week, such as the Producer Price Index and the Retail Sales Report were delayed due to the government shut down.