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VIDEOMorning Markets Roundup: Obama Unveils Infrastructure Stimulus Plan
By
Nick Gwiazda Sep 07, 2010 12:15 pm
The president proposed a $50 billion infrastructure plan as well as an initiative to encourage spending by giving back an estimated $200 billion to businesses.
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In commodity news, gold rose to $1259 as silver rose to $19.97. Copper declined slightly to $3.45 and crude oil fell to $73.47.
In an effort to create jobs and revitalize the US economy, President Obama proposed a $50 billion infrastructure plan. Also slated is an initiative aimed at giving back an estimated $200 billion to businesses to encourage spending.
In the UK, legislators are at a stalemate in the debate over financial transaction taxation. Such a tax would put strain on financial institutions in an effort to bolster the UK’s balance sheet.
In a glimmer of hope for the auto industry, China showed an 18% increase in passenger car sales for August. This news comes after US auto sales for August showed a slump in sales.
Despite stellar stock performance, McDonald’s (MCD) was rated at the bottom of the list for burger quality, with Five Guys and In-And-Out at the top. 3G’s new acquisition, Burger King (BKC), and Wendy’s (WEN) also fared poorly. McDonald’s stock opened relatively flat this morning, up 0.19% at $75.23.
In charity news, U-Haul (UHAL) has graciously offered 30 days of free storage to those affected by Hurricane Earl, which slammed the eastern tip of New England on Friday.
No positions in stocks mentioned.
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