US Market Has Worst Round of Sessions Since June, Earnings Disappoint

On Friday, US consumer sentiment unexpectedly jumped, most likely due to the current elections season and recent encouraging signs for the economy. The US Postal Service also has been positively affected by the elections, increasing their expected profit. IPOs continued today with Workday Inc. (WDAY) trading more than 20%. JPMorgan (JPM) announced it started using a new risk formula, its third this year, after its previous $5.8 billion loss. Wells Farfo (WFC) showed strong data with their third-quarter revenue report and rose 22%.
Despite several record quarterly profits, many investors still have concerns that overall it will be a weak earnings season. Speculation over a Spanish bailout also continues and caused the euro to make slight gains against the US dollar. Also on Friday crude-oil prices dropped but finished 2.2% higher for the week.

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Published on Oct 12, 2012
By InvestorGuide Staff

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