After Thursday’s losses, the second-worst of the year after June 1, on Friday the markets saw small rallies by the end of the day. Nasdaq had a small gain while both the S&P 500 and Dow Jones experienced a fall in averages. Moody’s released their rating downgrades, further dividing some of the world’s biggest banks. Four of the eurozone’s largest economies met and discussed plans for economic revival, pledging a stimulus for as much as 130 billion euros. After the release of this commitment, US indexes rebounded and the European Central Bank said it would help out struggling nations by accepting wider collateral as well. Facebook (FB) may be going through some changes due to privacy issues and at the end of the day General Motors (GM) released its announcement about a large recall on one of its popular sedans.
Word on the Street
- Moody’s hits 15 of the biggest global banks, Morgan Stanley (MS) escapes.
- Possible dent in future for Facebook (FB) because of privacy settlement.
- General Motors (GM) announces recall of its Chevrolet Cruze compact sedan.
- Eurozone’s four largest economies meet to discuss future plans for an economic revival.
- Oil and stocks bounce back after the second-worst decline on Thursday.
- A buzz continues through the end of the week around Goldman Sachs (GS).
- Positive outlook for housing market when looking at the big picture.
- Proctor & Gamble (PG) Slashes Guidance Again