June 14 - Summary of business headlines: Stocks extend losses on cooling consumer data; Dollar losing ground vs. Yen, JP Morgan to separate P/E group. Bobbi Rebell reports.
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A Friday flop for stocks. The Dow sinking to a triple digit loss in the last trading session of the week after new data showed cooling consumer sentiment in June. Investors also took profits after Thursday's surge- The S&P had its second best session since January 2nd. For the week: The Dow fell 1.2 percent. The Nasdaq down more than half a percent.
A separate report on wholesale inflation came in higher than expected.
Yelena Shulyatyeva, U.S. economist at BNP Paribas:
SOUNDBITE: YELENA SHULYATYEVA, U.S. ECONOMIST AT BNP PARIBAS: (ENGLISH) SAYING:
"The upside surprise in the headline ppi numbers was entirely driven by food and energy prices which often can be very volatile. core prices were soft and global slowdown and recession in europe actually are holding core prices down, so, in total, prices are not accelerating and that will help the fed to continue easy monetary policy. "
The dollar extended its losses against the Yen on Friday- capping off its worst week since July of 2009.
J.P. Morgan says its private equity unit, One Equity Partners will become independent. A source close to the bank says that the bank wants to simplify its operating structure.
Bigger is better for Boeing. Sources tell Reuters it will launch a larger 787 Dreamliner- aimed at meeting demand for longer travel in areas like Asia.
Shares of Groupon surged 11 percent- to their highest level in almost a year. Deutsche Bank upgraded their rating on Groupon, calling their new "pull" technology a game changer.
In Europe, shares managed some gains on Friday- taking the weak U.S. data as a sign the central banks will continue monetary support for the economy.