Ukraine reports Russian invasion; JP Morgan attacked by hackers; 2Q GDP revised up
Investors are monitoring reports that Russian troops are in Ukraine. Ukrainian President Petro Poroshenko said "Russian forces have entered Ukraine." Russian officials are denying the claims from Kiev, but the U.S. Ambassador to Organization for Security and Cooperation in Europe calls Russia’s denial “absurd."
The economy grew at a faster pace than previously estimated in the second quarter. GDP grew at a rate of 4.2% in second quarter according to the Commerce Department. That’s higher than the 4.0% originally estimated. Economists predicted today's revision would be 4.0%. The upward revision was due partially to more investment by businesses in buildings and equipment than previously reported.
The number of people who applied for first-time jobless claims dropped slightly last week. The Labor Department said 298,000 people applied for initial jobless claims for the week ending August 23. That’s a dropped of 1,000 from the previous week. Economists predicted that claims would rise to 300,000.
JP Morgan Chase (JPM) was attacked by cyber hackers earlier this month. Bloomberg reports JP Morgan and at least one other bank had data stolen from Russian hackers in retaliation to U.S. sanctions against Russia for its actions in Ukraine. However, sources tell the New York Times that JP Morgan and at least four other banks were infiltrated, taking checking and savings account information. The Times also said security experts and government officials have not concluded the attacks came from Russia.
Peer-to-peer lender Lending Club is seeking to raise funds by going public. The company allows borrowers to get loans directly from investors. Lending Club hopes to raise at least $500 million, making one of the largest internet IPOs.
