Boston, MA 02/27/2014 (wallstreetpr) – The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) hit an intraday high on February 24, 2014 coming in at 1,858.71 which is an 18.6% increase compared to a high recorded in 2007. The improvement has been attributed to the improvement not only to the US economy but also to across Europe.
The period between 2008 and 2009 was the worst as economies around the world collapsed affecting key sectors of the economies that also had a bad toil on S&P 500 ratings. Stocks are currently enjoying modest gains something that should continue pushing S&P 500 on an upward trend, flirting in record territories.
Soros doubles its bet that S&P 500 is headed for a fall
Soros Fund Management has made a daring bet by claiming S&P 500 is headed for a fall as its legendary founder Investor George Soros increased his put position to 154% in the fourth quarter.
Bank of America (NYSE:BAC) disowns $2.1 billion claim by the US Government
Bank of America (NYSE:BAC) in a statement, has disowned claims that it owes the US Government $2.1 billion in penalties after its subsidiary countrywide unit was found liable of selling defective mortgages. Bank of America maintains that it is only obliged by law to pay the amount it made as profits from its defective mortgage sales.
Bank of America (NYSE:BAC) and one of its former top executives Rebecca Mairone were found liable for the fraud in the civil lawsuit. The government maintains that countrywide unit rewarded its employees on the quantity of mortgages they sold rather than the quality thus the reason behind the massive fraud. This actions are thought to have been the reason behind the massive flaws as a checklist designed to ensure loans are sound was eliminated.
SPDR S&P 500 was unchanged on Wednesday remaining stagnant at $184.85 after improving slightly by 0.01%. Bank of America on the other hand dipped slightly by 0.06% to close the day at $16.33.
