The Dow Jones Industrial Average Ends Week on a Bullish Note

At the closing bell, the Dow Jones Industrial Average declined slightly by 0.19% to close at 16,300.45; for the week ending today (Friday), March 21, 2014, the Dow gained 1.45%, or 232.83 points.

The S&P 500 hit an intraday all-time high before falling to close down 0.29% at 1,866.60. The Nasdaq fell 0.98% to finish at 4,276.79. Silver prices recovered after a tough response from the Federal Open Market Committee (FOMC) meeting on Wednesday.

Here's a recap of today's top stock market news.

1. A Giant Shot at Putin: The United States widened sanctions against a number of supporters and associates of Russian President Vladimir Putin - most notably, Gunvor Group founder Gennady Timchenko. In a statement, the Treasury directly accused Putin of having investments in Gunvor, one of the world's largest energy trading houses, and likely having access to company funds through Timchenko. The company's bonds cratered this morning, sending the yield to a record high, while Timchenko quickly sold his share in the company last night. The United States has already investigated Gunvor over market manipulation, fraud, and money laundering. Global trading houses are now concerned about their ties to the firm and are reducing their exposure to it.
2. Dissent in the Ranks: Minneapolis Federal Reserve President Narayana Kocherlakota was the lone dissenter in the Federal Open Market Committee's decision to wind down the bank's bond-purchasing program and to raise interest rates. Earlier today, Kocherlakota said the Fed's decisions this week both weakened the bank's credibility on targeting 2% inflation and created greater market uncertainty that could impede or delay economic activity across the country.
3. Blame It on the Weather: In its earnings report, Darden Restaurants Inc. (NYSE: DRI) revealed a 19.6% plunge in profits as its two largest chains - Olive Garden and Red Lobster - struggle to get customers into locations. The company cited poor weather as a blow to sales, and Darden said it will spin off Red Lobster from its holdings. Darden is also suffering from competition from alternatives like Chipotle Mexican Grill Inc. (NYSE: CMG) and Panera Bread Co. (Nasdaq: PNRA), which offer faster service.
4. A Platinum Parachute: Time Warner Cable Inc. (NYSE: TWC) CEO Robert Marcus will likely earn an $80 million exit package in the sale of his company to Comcast Corp. (Nasdaq: CMCSA). According to a sale filing, Time Warner estimated parachute deals for its officers. Meanwhile, customers are still stuck on the line for hours due to a lack of customer service associates at both organizations...
5. Nothing to Swipe About: A U.S. federal appeals court ruled today that debit swipe fees set by a 2011 Federal Reserve rule can be capped at $0.21, overturning a lower court ruling that called for a lower threshold. The decision is a blow to retail groups that disagreed with the swipe fees charged by banks for each consumer transaction, and a win for the Federal Reserve and processors of debit card transactions. Of course, customers can expect the fees to be added to their checkout totals in the coming years...

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