MarketWatch's top stories of the week
The Dow Jones Industrial Average (DJIA) rose Dow up 2.9% on the week -- its first positive weekly showing since the beginning of August. The Dow also edged back into positive territory for the year.
Stay tuned to MarketWatch this weekend for our Weekend Investor feature on consumer sector's five standout stocks. See full story on dividend-paying consumer stocks.
Watch our weekly preview videos for Asia, Europe and the U.S. markets:
- Asia's Week Ahead: Bank of Japan addresses the yen.
- Europe's Week Ahead: Economic data and air traffic.
- U.S. Week Ahead: Parsing the economic data.
The U.S. economy shed 54,000 nonfarm jobs in August, the Labor Department reported Friday, a much slower decline than economists anticipated as the health-care and temporary-staffing industries led a 67,000 expansion in private-sector employment. Though the employment report broadly painted a picture of sputtering economic growth, the payrolls decline in August wasn't as steep as the 105,000 payroll subtraction expected by economists surveyed by MarketWatch and eroded market fears of a double-dip recession. Read full MarketWatch story on payrolls data.
The bidding war for 3Par appeared to reach a close as Hewlett-Packard (HPQ) raised its offer for the data-storage company to $33 a share, prompting Dell (DELL) to throw in the towel. Read more about the Dell-vs.-H-P battle for 3Par.
South Korea's Samsung and Japan's Toshiba unveiled tablet computers designed to rival Apple Inc.'s (AAPL) popular iPad. Read about Samsung's and Toshiba's iPad rivals.
Following weeks of speculation, beleaguered biotech leader Genzyme (GENZ) rejected a $18.5 billion takeover offer from French pharmaceutical firm Sanofi-Aventis (SNY), asserting that the bid substantially undervalues the company. Sanofi had announced an offer to buy Genzyme for $69 a share in cash. The two firms had been in talks since July. Analysts said that they would expect a reasonable bid for Genzyme to be at least in the low $70s. Read more about Sanofi's hunt for Genzyme.
A growing number of homeowners are choosing to pay down their mortgages at a faster rate, even if it means a substantial jump in their monthly payments. From January through June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term. About 9.4% did so in 2007. What's prompting the shift to shorter loans? Read about the pros and cons of a 15-year mortgage.
Home prices rose 1% in June in 20 major U.S. cities, according to the Case-Shiller index released by Standard & Poor's. This is the third straight increase in home prices as demand picked up due to tax incentives. Prices have moved up 4.2% in the past year. Read about latest move in home prices.
Burger King Holdings shares (BKC) jumped more than 25% Thursday, rallying as the fast-food giant said it will be gobbled up by investment firm 3G Capital for $24 a share in a deal valued at $4 billion. The buyout represents a 46% premium to the shares' price before media reports Wednesday that a deal was in the works. Read about the Burger King buyout.
Goldcorp (GG) announced it will pay $3.4 billion for all outstanding shares of Andean Resources Ltd., whose principal asset is a gold project in Argentina. Shares of Andean, which is listed in both Canada and Australia, soared. Read more about the mining deal.
Wage growth among middle- and low-income U.S. workers has been shaky, at best, for a decade, but in the last three years it had collapsed, with wages growing at less than half the rate they had in the period right before the recession, and some workers' pay decreasing, according to a new analysis by the Economic Policy Institute. Men's median wages fell 1.3% in the year ending in the second quarter, down from a growth rate of 5.3% in the comparable period ending in mid-2008, the first year of the recession. Women's wage growth dropped to 3.7% from 5.2% over the same period. Read more about men's falling pay.
Goldman Sachs (GS) has decided to shutter its principal strategies unit, which does its proprietary trading, in the wake of financial-overhaul regulation passed by Congress, according to a person familiar with the matter. The widely expected decision follows J.P. Morgan Chase's (JPM) decision to close its proprietary trading business. See full story on Goldman Sachs' plan.