The week began with a rally as the markets rebounded from last week’s downswing, led by a rise in Technology stocks. Google was up in post-session trading after announcing an operations restructuring and a company name change to Alphabet. Stocks dipped Tuesday, likely a result of sinking crude oil prices and news of an unexpected devaluation of the Chinese currency. The People’s Bank of China lowered the yuan by 1.9%, marking its largest decline in more than 20 years. Markets were mixed mid-week with energy stocks stepping up while consumer brands remained flat. Thursday brought news that retail sales increased in July, while the Labor Department stated jobless claims increased more than expectations. The markets closed the week on a positive note with news producer prices increased in July while The University of Michigan’s consumer sentiment index, hit 92.9 in a preliminary reading, down from 93.1 in July, below expectations of 93.5.
