Stocks Slightly Up on Consumer Credit Report (UBS, VZ)
Major indices were slightly up today; though the biggest gains were seen by the Dow, at a mere 0.26 percent increase by the time markets closed. The Federal Reserve reported today that consumer credit increased by 0.8 percent, or $19.3 billion, to $2.5 trillion in December. At $1.32, the euro hit a 2-month high against the dollar today. In corporate news, UBS (UBS) came out with very pessimistic projections for its Q4. Meanwhile, Verizon (VZ) and Redbox have entered into a deal to provide a new streaming video service.This would provide direct competition to Netflix (NFLX), which just released its first original series yesterday.
Word on the Street
- Consumer credit increased by a little over $19 billion in December.
- The euro was up today, at a 2-month high against the dollar.
- Glencore will be buying Xstrata for $41 billion.
- UBS (UBS) projected a 76 percent decline in profits for its Q4.
- Verizon (VZ) and Redbox are striking a deal to create a Netflix (NFLX) competitor.
Published on Feb 7, 2012By InvestorGuide Staff