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Ukraine concerns overshadow econ data

Thursday, Aug 28, 2014 - 02:32

Summary: Stocks slid on the latest tensions between Ukraine and Russia; Economic data point to improvement; Hacking worries at banks including JP Morgan Chase. Bobbi Rebell reports.

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U.S. markets took a step back- after Ukraine's president said Russian forces had been brought into his country- that overshadowed new and encouraging economic data. The U.S. economy rebounded more strongly than originally thought in the second quarter- 4.2 percent, according to the Commerce Department. That is the fastest pace since the third quarter of 2013. And jobless claims fell for the second consecutive week. July pending home sales rose far more than had been expected to an 11-month high. A possible cyber attack at JP Morgan Chase. The bank says it is working with law enforcement authorities to determine the scope- and taking additional steps to safeguard confidential information. It did not see unusual fraud activity. The problem is growing says cybersecurity expert Bruce McConnell of the East West Institute. SOUNDBITE: BRUCE MCCONNELL, SENIOR VICE PRESIDENT, EAST WEST INSTITUTE (ENGLISH) SAYING: "It's a cat and mouse game and the hackers make a move and then we defend against it and then they make another move. It's very easy to get into the business of hacking these days and so the barriers to entry are low and it's a constant struggle." There could be other banks getting hacked as well- Wednesday evening the FBI said it was investigating media reports that several U.S. financial companies have been victims of cyber attacks. Apple has made it official- confirming reports it will hold a media event on September 9th. The launch of the new iPhone is expected. Dollar General says it still wants to buy rival Family Dollar- and that its offer is better than that of its rival Dollar Tree. Family Dollar believes otherwise- so far it has said it's going with Dollar Tree's lower offer- pointing to antitrust issues that may be an issue if it combined with Dollar General. Dollar General's management made the comments when they reported lower than expected quarterly sales, and trimmed their sales forecast. Signet shares jumped- quarterly revenue at the jewelry retailer was up 39 percent- in large part because of its acquisition of Zale. Williams-Sonoma shares down after a rare earnings miss. The home furnishings retailer also forecast earnings and sales for the current quarter would be less than forecasts. Teen apparel retailer Abercrombie and Fitch reported a same-store sales decline for the 10th straight quarter. Shares dropped on the news. Red across the board in Europe- on renewed worries in Ukraine, prompting investors to cash in on some gains after a near three-week rally.

Ukraine concerns overshadow econ data

Thursday, Aug 28, 2014 - 02:32

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