The S&P 500 is trading around a new record close. It fell back below 1850 just before the yesterday’s close. Traders are closely watching that level, believing once it's breached, the S&P could be headed for a fresh bull run to 1900. Another thing investors are watching very closely is the sudden, steep decline in the Chinese currency. The Yuan saw its biggest weekly decline against the dollar in more than two years this week. Yahoo Finance Editor in Chief Aaron Task and Lauren Lyster talk about both of those stories in the associated video. Here are some other headlines we're following.
J-P Morgan Chase (JPM) is expected to announce an estimated 2000 jobs cuts in its mortgage business, according to the Financial Times. The cuts would be on top of the 13,000 to 15,000 cuts the bank already has planned. The cuts are due to rising interest rates that lowered demand for home loans. The announcement could be made at the bank's annual investor day today. It will be the first time CEO Jamie Dimon will address shareholders since the company agreed to pay a $13 billion settlement to the Department of Justice and regulators over its mortgage selling practices.
More new developments on Mt. Gox, which was one of the world's largest Bitcoin exchanges. The website went offline. This comes after customer withdrawals from Mt. Gox were frozen earlier this month. Today, visitors going to the website will get a blank white page. The troubles for Mt. Gox are reverberating throughout the currency. The price of Bitcoin fell today from $545 to $425 by 6am London time, according to CoinDesk. Other Bitcoin exchanges released statements distancing themselves from Mt. Gox. The Bitcoin Foundation, which advocates for the currency, said, "We can assure the public that the Bitcoin protocol is functioning properly."
And Apple (AAPL) joined 83 other signers on a letter to Arizona Gov. Jan Brewer asking her to veto the state's religious freedom bill. Supporters of the law say it will protect religious freedom. Critics say it will lead to discrimination against gays and lesbians in the workplace. Apple is preparing to open a new manufacturing plant in Mesa that will create about 700 full-time jobs. We'd like to know what you think about this move. Do you think companies should get involved in politics? Cast your vote and post your comments below as well.
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