Major Indices Slide Off Highs Despite Postive Manufacturing Data and Remarks from the Fed
On Monday, US indices finished mostly higher after Ben Bernanke of the Fed made comments on monetary policy and released reports that manufacturing data was better-than-expected. Bank of America (BAC) and IBM (IBM) led the Dow Jones higher while Apple (AAPL) caused Nasdaq to drop slightly by the end of the day. Crude-oil prices gained about 29 cents on the day. News was released that 3M (MM) will be acquiring Ceradyne (CRDN) for $860 million.The US dollar made gains against the euro but fell to the Japanese yen. Data on Monday showed that the euro zone has hit record jobless rates, underscored by the growing economic and financial problems.
Word on the Street
- The Federal Reserve's Ben Bernanke renews his pledge to sustain record stimulus.
- American Express Co. (AXP) to pay $112.5 million to settle claims of credit-card violations.
- US construction spending is reported to have decreased in August by 0.6%.
- With support from US manufacturing data crude-oil prices hold on to their advance.
- EADS (EAD) CEO calls for a negotiation with BAE Systems (BAES) over the proposed $45 billion merger.
- US households face an average tax increase of $3,446 in 2013's coming fiscal cliff.
- Nike (NKE) Gets Dragged Down by Higher Expenses and Lower Margins.
- "Tells" that cue your coworkers that you are secretly seeking to change jobs.
- Business sustainability and why it may be more successful than profit maximization.
Published on Oct 1, 2012By InvestorGuide Staff