Stocks edged lower on Thursday after the latest spark of tensions between Ukraine and Russian forces, snapping investors' focus back on the volatile region, but the latest batch of U.S. economic data helped curb losses. The PHLX housing index lost 0.30 percent, but was off earlier lows. J.P. Morgan shares fell 0.72 percent. The S&P financial index lost 0.42 percent. Abercrombie & Fitch lost 4.8 percent. Williams-Sonoma tumbled 11.98 percent to $66.57 a day after reporting its results and giving an outlook. The Dow Jones fell 0.24 percent the S&P 500 lost 0.17 percent and the Nasdaq dropped 0.26 percent.
· US second-quarter growth revised higher; jobless claims fall again
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· The U.S. economy rebounded more strongly than initially thought in the second quarter with a bigger chunk of the growth driven by domestic demand in a bright sign for the future. Gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said. Both business spending and exports were revised higher, while a buildup in business inventories was smaller than previously estimated - a mix of growth that provides a stronger underpinning for the remainder of the year. While the economy shrank at a 2.1 percent rate in the first quarter, economists expect growth of around 2 percent for the year as a whole, with GDP expanding about 3 percent in 2015. The number of Americans filing new applications for jobless aid slipped 1,000 to a seasonally adjusted 298,000 last week. Separately, the National Association of Realtors said its Pending Home Sales index jumped 3.3 percent to an 11-month high in July.
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· JPMorgan probes possible cyber-attack; reports other banks hit
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· JPMorgan Chase is investigating a possible cyber-attack and working with law enforcement authorities to determine the scope, a company spokeswoman said. The bank was taking additional steps to safeguard sensitive or confidential information, though it did not see unusual fraud activity at this time, company spokeswoman Trish Wexler said. JPMorgan disclosed the investigation after the FBI said Wednesday evening it was investigating media reports earlier in the day that several U.S. financial companies have been victims of recent cyber-attacks. "We are working with the United States Secret Service to determine the scope of recently reported cyber-attacks against several American financial institutions," FBI spokesman Joshua Campbell said in a statement late Wednesday. JPMorgan launched its investigation after malicious software was recently discovered in the bank's network, signaling it was the victim of a cyber-attack, two people familiar with the incident told Reuters.
· Apple invites media to Sept. 9 event; new iPhones anticipated
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· Apple invited media to a "special event" in its hometown of Cupertino, California, on Sept. 9, when the iPhone maker is expected to unveil the latest versions of its best-selling smartphones. Apple's typically cryptic invitation read: "Wish we could say more." It came on a simple black-and-white background dominated by the company's familiar corporate logo. Apple was expected to unveil larger 4.7-inch and 5.5-inch screens for iPhones, a move thought to be driven in part by the success of larger devices by rival Samsung Electronics. Apple uses its September events to showcase its most important products. The iPhone accounts for half its business and is gaining more prominence as tablet sales falter. Software chief Eddy Cue has called Apple's product pipeline the best he's seen in decades. Much of the pre-event speculation has centered on the use of "sapphire" display screens said to be more scratch-resistant. Separately, some suppliers have told Reuters about screen production snags that have raised questions about availability at launch time.
