US Stocks Lower on Euro Zone and Earnings Concerns

Weekly Wrap Up

Early on in the week focus was drawn to the most recent unemployment report with the jobless rate dropping to 7.8%, the lowest level since January of 2009. It was reported that the US fiscal year deficit for 2012 ended at $1.089, a modest 16% drop. Also this week the International Monetary Fund lowered its global outlook and forecasted a 1.3% shrink of the Spanish economy.Many corporations reported earnings this week, with Wells Fargo (WFC), Yum Brands (YUM) and Alcoa (AA) creating a stir.
Despite some positive earnings, in general investors were disappointed with the current earnings season. Along with others, Shutterstock (SSTK) and Workday Inc. (WDAY) were successful in their initial public offerings. For the week, oil gained 2.2% despite falling on Thursday and Friday over supply concerns. More Market News

Economic News

Jobless Claims in US Reach Lowest Point in More Than 4 Years
New data shows the number of people filing for jobless benefits in the United States has fallen to its lowest point in more than four-and-a-half years. The number of claims dropped by 30,000 last week, according to government figures. (Source: Democracy Now) Click here to read the full article
US Consumer Sentiment Jumps Ahead of Elections
U.S. consumer sentiment unexpectedly rose to its highest in five years in October in the latest in a string of encouraging signs from the economy that may boost President Barack Obama's re-election hopes next month. (Source: Reuters) Click here to read the full article
US Stocks Tilt Lower on Spanish Concerns
U.S. stocks fell on Friday as Wall Street turned its attention to Europe’s regional debt crisis and questions of whether Spain would seek a sovereign bailout. (Source: MarketWatch) Click here to read the full article

Business News

Bank Stocks Drag Wall Street Lower After Earnings
U.S. stocks fell on Friday, led by financial stocks, after Wells Fargo & Co (WFC: Charts, News) said quarterly revenue fell short of expectations.

Shares of Wells Fargo shed 3.5 percent to $33.96 after reporting a quarterly revenue of $21.2 billion, which missed analysts' forecasts, even as it earned a record profit. (Source: Reuters) Click here to read the full article

IPO Watch: Workday, Real Estate And Double Chins
The IPO market has been murky recently, but it showed strength this week with a diverse group of offerings. (Source: Forbes) Click here to read the full article

Technology Focus

Softbank Might Borrow $23 Billion to Finance Sprint Bid
Japanese wireless service provider Softbank Corp (SFTBY: Charts, News) is in talks with three major Japanese banks to borrow $23 billion (1.8 trillion yen) to finance a bid for U.S. operator Sprint Nextel Corp (S: Charts, News), sources with direct knowledge of the matter told Reuters on Friday. (Source: Reuters) Click here to read the full article
Apple to Host October 23 Event, iPad Mini Expected
Apple Inc (AAPL: Charts, News) will host an event on October 23, said a source familiar with the plan, in what is expected to be the unveiling of a smaller iPad to venture into a market staked out well in advance by rivals Inc (AMZN: Charts, News) and Google Inc. (GOOG: Charts, News). (Source: Reuters) Click here to read the full article

Your Money

Which Comes First, Work or Passion?
The claim that finding your passion is the key to a happy and successful work life is so often repeated that the idea has attained the status of annoying old saw (and inspired plenty of impassioned rebuttals). But a couple of recent opinion pieces by career experts suggest that the standard wisdom on work and passion isn't so much dead wrong as totally backwards. (Source: Click here to read the full article
Natural-Gas Cars Merge Into Wall Street Fast Lane
Business owner Veerachart Murphy didn’t flinch when U.S. gasoline prices neared $4 a gallon on average at the pump this summer, because he runs his car on much cheaper fuel. (Source MarketWatch) Click here to read the full article
Published on Oct 12, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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