Stocks Fall to End Strong Third Quarter, Facebook Rises 6.5% (FB)
Stocks fell on Friday after disappointing economic data showing weak U.S. regional manufacturing. However this decline was not enough to prevent Wall Street from having a strong Q3. The Dow was up 4.7%, the NASDAQ 6.4%, and the S&P500 up 5.8% for the quarter. Shares of Facebook (FB) rose on news that the company had developed a new revenue source: a gift-giving service. Blackberry maker Research in Motion (RIMM) had a second straight day of excellent gains as it beat expectations on revenue.Shares of Apple (AAPL) dropped 2%, finishing the week off 3.21%.
Word on the Street
- Bank of America (BAC) announced it settled a class action lawsuit for $2.43 Billion with investors in the Merrill Lynch merger.
- Research in Motion (RIMM) shares rose as the company reported a smaller quarterly loss than expected.
- Amazon (AMZN) announced that it is planning an online marketplace for wine sales.
- SPDR Gold Trust (GLD) has now topped China in gold reserves.
- An independent audit announced Friday that Spain's banks would need an additional $76,3 Billion to survive an economic downturn
Published on Sep 28, 2012By InvestorGuide Staff