It’s been a rocky week in the markets, due to falling oil prices, the strengthening dollar, and the continued fears that the Fed will raise rates sooner than originally expected. Below, we highlight the most important events for investors for the week ended March 13.
There were no notable earnings releases for dividend investors on Monday morning, but there was some M&A activity involving big dividend names, including:
- Alcoa (AA ) announced that it has agreed to acquire titanium supplier RTI International Metals (RTI) for $1.5 billion. The deal will allow Alcoa to expand its aerospace-defensive exposure.
- Simon Property Group (SPG ) reported that it had made a written offer to acquire Macerich (MAC ) for $22.4 billion. The deal would combine the the largest and third largest retail REITs.
The 6-year bull run for the markets turned six years old on Monday.
Apple (AAPL ) launched its Apple Watch at its “Spring Forward” event on Monday afternoon.
The Dow rose 0.8%, the S&P 500 increased 0.4% and the Nasdaq jumped 0.3%.
On Tuesday morning, dividend investors saw a 14% increase in QUALCOMM’s dividend.
The markets sunk Tuesday due to rate hike concerns and the dollar gaining against the other major currencies. The strengthening dollar caused crude oil to plunge 3.5%, and Brent oil to fall 3.8%. The positive jobless claims from last week spooked Wall Street, as rates could be increased earlier than expected.
The Dow fell 1.9%, the S&P 500 declined 1.7% and the Nasdaq sunk 1.7%.
After hours, the Federal Reserves released its results from the stress tests on the big banks. The results indicated good news for dividend investors, as each big bank (excluding Bank of America (BAC )) is now authorized to boost dividends. The Fed also reported that many of these banks are authorized to repurchase shares as well. For more details, click here.
The Dow fell 0.2%, the S&P 500 declined 0.2% and the Nasdaq sunk 0.2%.
On Thursday morning, we saw a decline in weekly jobless claims. We also saw a 0.6% drop in February retail sales, marking the third month in a row of declines.
The markets soared on Thursday, primarily due to the weakening dollar. Shares of Disney (DIS ) soared to an all-time-high after the entertainment company officially announced that there will be a sequel to Frozen – its highest grossing animated film ever.
Intel (INTC ) took a hit on Thursday after it cut its guidance, citing weak PC demand.
The Dow jumped 1.47%, the S&P 500 rose 0.89% and the Nasdaq increased 1.26%.
The markets opened lower on Friday after disappointing results in producer prices. Investors will be focused on the PPI and the consumer sentiment reports today.
While this week was pretty light as far as market events, there will a lot more notable events next week. Several big-name dividend stocks will be reporting earnings including Oracle (ORCL ), FedEx (FDX ), Nike (NKE ), General Mills (GIS ), Tiffany & Co (TIF ), Lennar (LEN ) and Darden Resturants (DRI ).
There will also be several economic events including the Housing Starts report and weekly Jobless Claims. But the focus will be on Wednesday’s FOMC Meeting, as the market has been jittery of a potential mid-year rate hike.
Have a great weekend, and be sure to follow us on Twitter @Dividenddotcom.