General Motors posted its first quarterly profit since 2007. The company reported first-quarter earnings of nearly $900 million Monday, marking a sign of recovery for the bailed-out auto maker.
Meanwhile, FOX Business learned that the 998-point stock market drop two weeks ago was apparently due to human error, though not a fat-fingered trader. That according to preliminary findings from a government study into the incident.
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Nationwide Average
$2.82 a gallon
Google (GOOG) recently said it accidentally collected sensitive data from consumers via their WiFi networks. According to Google, its fleet of cars sent around the world to take photos for Google Maps has also been snooping unsecured WiFi networks, although the company says it did not know about this. But the Financial Times reported Tuesday that the search engine company could face probes by the U.S. and German government. Germany’s commissioner for data protection called for a detailed probe, while the FTC in the U.S. is reportedly looking into making an inquiry.
Real Estate Recovery Dept.: Housing starts in the U.S. were reported to be up 5.8%, according to the Commerce Department. This brings it to an annual rate of 672,000 units. However, an 11.5% drop in permits, paint a less optimistic picture of a housing market recovery.
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FOX Business learned Wednesday that lawmakers are seeking an investigation into the ShoreBank bailout. The ranking Republican on the House Financial Services Committee, Spencer Bachus, is concerned over the generous amount of money Wall Street Firms resuced the lender with. He wrote a letter to President Obama asking him for “all records of communication - including emails, phone logs and meeting records- related to the ShoreBank negotiations that exist between the Administration and representatives of ShoreBank, and executives of the banks involved in the bailout.”
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Financial Regulatory Reform Dept.: Though at times it seemed the Republicans had the bill blocked, the Senate approved the largest overhaul of Wall Street regulation since the 1930s Thursday, by a vote of 59 to 39. Before making its way to President Obama’s desk, however, the bill will need to be merged with the bill the House passed last December.
Meanwhile, Wall Street was hit with worries over the possible spread of Europe’s debt crisis and new signs of recovery trouble in the U.S. The Dow fell 376 points, closing at 10068.
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Jeff Saut, chief investment strategist at Raymond James, told FOX Business if lawmakers don’t work to prevent a dividend tax hike, rates could go as high as 40%. “There is a lot of uncertainty right here… in the President's bill, he talked about raising the tax on dividends from 15% to 20% on people making more than $250,000 a year as a couple, however, the thing that came out of the Senate didn't really address that."
If Congress doesn’t put a cap on that you could see it revert from 15% to as high as 40%, which is not good for dividend investors, he added.
Combined with the coming 3.8% surcharge on investment income to pay for health-care reform, which begins in 2013, one can’t help but wonder if these taxes are impacting the markets.
Indeed, Saut said Wall Street’s concerns and uncertainty over these taxes are already affecting the markets, as they are a major reason, he believes, for the market correction since the April 26 highs.
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Obama nominates three for Fed boardGoldman Saga Continues, Health Reform Might Up Prices - Week in Review
