Market Minute: Summers Bows Out; Chevron Settles With Brazil
The Dow Industrials (^DJI) rallied 453 points last week, a gain of 3 percent. That's the second best gain this year. The S&P 500 (^GPSC) rose 2 percent and the Nasdaq gained 1.7 percent.
The market is set to rally following Larry Summers' decision to bow out of the running to succeed Ben Bernanke as chairman of the Federal Reserve. Though widely praised for his intellect, Summers was seen as a lightening rod for controversy.
Bernanke and the Fed will be in the spotlight this week. Most economists believe the central bank will begin to taper back on its massive stimulus program at meetings that conclude on Wednesday. The big question then becomes: by how much?
Another meeting we'll pay close attention to this week is Microsoft's (MSFT) first official sit-down with analysts in two years. CEO Steve Ballmer will be asked about his recently announced decision to retire next year, as well as the company's plan to boost the pace of growth.
Chili's is preparing to roll out table-top computers at most of its 1,200 restaurants. The Wall Street Journal says customers will be able to place orders, make credit card payments and play videogames. Chili's is owned by Brinker International (EAT).
Paper maker Boise has agreed to be acquired by Packaging Corp. of America (PKG). The deal is valued at $1.3 billion.
And the board shake-up at J.C. Penney (JCP) continues. The head of Vornado Realty Trust resigned as a director of the struggling retailer late on Friday. Earlier in the week, Vornado said it plans to sell its entire J.C. Penney stake of more than 13 million shares.
-Produced by Drew Trachetenberg