Market Minute: Waiting for Bernanke on Stimulus Wrap-Up

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Investors are on "Fed watch," and Smithfield is urged to consider the other options for its pork business. Those and more are what's in business news Monday.

Futures point to strong gains this morning following a rally in Japan overnight. There's also new hope that Fed Chairman Ben Bernanke will soothe investor jitters about when and how the central bank might begin to cut back on the stimulus program that's been a major factor in the market rally over the past year. Bernanke holds a news briefing Wednesday afternoon.

The Dow industrials fell 1.2 percent last week. That's the third loss in the past three week, but the Dow is still up 15 percent so far this year. The S&P 500 dropped 1 percent and the Nasdaq lost more than 1 percent.

A challenge to China's biggest-ever takeover of an American company: An investment fund has taken a big stake in Smithfield Foods and is pressuring the company to sell itself off in parts, rather than go ahead with a $4.7 billion all-in-one sale. Smithfield is the nation's largest pork producer.

The new Superman movie, "Man of Steel," had the kind of opening Time Warner was hoping for, putting it in position for summer blockbuster status. Reports say the company is already working on a sequel and expects this to become a major franchise series.

Dreamworks Animation has agreed to produce a number of original TV series for Netflix. The shows will focus on characters from past Dreamworks' movies, including "Shrek" and "The Croods."

Forest products giant Weyerhaeuser is paying $2.6 billion to buy a big plot of timberland in Washington State. It also plans to sell its homebuilding unit.

Lowe's has offered to buy the West Coast hardware store chain Orchard Supply, which filed for bankruptcy protection today.

And General Motors is recalling 231,000 SUVs from model years 2006 and 2007. The vehicles could catch fire because of an electrical shortage. There have been 58 reports of fire so far.

-Produced by Drew Trachtenberg


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21 Comments

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h.hughjardon

repukeins
Hmmmm....Why isn't the poor people rich yet if Obama is re-distributing wealth?
xxxxxxxxxxxxxxxxxxxxxxxxx

Why isn't the poor people?

When are you going to learn English spongebob?

June 17 2013 at 4:02 PM Report abuse +3 rate up rate down Reply
1 reply to h.hughjardon's comment
mrspelosi

Darling do you know he has been is preschool for 5 years and still can not make it to kindergarten.

June 17 2013 at 4:14 PM Report abuse +2 rate up rate down Reply
scottee

the Fed has all the power based on a virtual dollar...why?

June 17 2013 at 3:29 PM Report abuse rate up rate down Reply
Big Jim

So sad, the Wall Street investors and bankers now have to stand in line and roll up their sleeves for their daily "fix" from the Fed. This is how capitalism slides into socialism.

June 17 2013 at 2:40 PM Report abuse rate up rate down Reply
setanta54s_back

I MEAN and FREELY STATE
that libs remain STONED illiterates and really should stay off THESE free form boards
as they cannot participate DUE TO THEIR stupidity -

now there's the ONE troLL with multi names
persisting IN insisting THAT
NO ONE is aware of exactly WHAT the gop IS.==

take a litlle hint troLL-
the goPee is SIMPLY diM_lite,
and has been for quite some time
and IS ACKNOWLEDGED as such;

so if jindal CALLS THEM WHAT THEY ARE,
he is CORRECT and ACCURATE

so thanks for the PUBLIC SERVICE of informing those that haven't been KEEPING UP with politics.

zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

June 17 2013 at 2:32 PM Report abuse +2 rate up rate down Reply
1 reply to setanta54s_back's comment
ronbacardi_isgod

...looks like you fell asleep writing your post right about the same time I fell asleep reading it...

June 17 2013 at 2:57 PM Report abuse -1 rate up rate down Reply
3 replies to ronbacardi_isgod's comment
John Perry

IF obama has his boy STOP laundering 85 BILLION DOLLARS a month through the stock market the profitable bubble will burst.

I wonder if obama will stop taking care of his wealthy friends through Wall Street and start concentrating on mainstreet.

June 17 2013 at 1:54 PM Report abuse +1 rate up rate down Reply
George

Market on hold..............I guess at 168+ for DOW is just my imagination. What a crock!! Face it they had a bad payday last week so have to inflate it this week to steal more.

June 17 2013 at 12:55 PM Report abuse +2 rate up rate down Reply
dowdrmd

He has more power then the president. Controls the market what he does will make it go up or down. Just one person.

June 17 2013 at 12:07 PM Report abuse -1 rate up rate down Reply
plainscout

Enjoy while it lasts but be out by Mid Summer. There are Many revelations coming by then that will shatter almost everyones financial confidence and reduce the markets to their true future value which is roughly 30 percent of todays value

June 17 2013 at 11:25 AM Report abuse +1 rate up rate down Reply
scottee

um....
submit to an audit, please.
and stop holding interest rates down artificially and stop manipulating stock and gold prices, please.

June 17 2013 at 10:43 AM Report abuse +2 rate up rate down Reply
998

Investors will place their investments under their mattresses unless they hear The FED won't continue QE forever. How did the market exist prior 2008? Gutless, brainless sheep.

June 17 2013 at 10:40 AM Report abuse rate up rate down Reply
1 reply to 998's comment
scottee

a country of sheep will begat a government of wolves. that's what we are seeing. we are a country based on lies and debt. how is that sustainable or honorable?

June 17 2013 at 10:44 AM Report abuse +1 rate up rate down Reply