Storm-Shortened Week Ends in a Wall Street Selloff (SBUX, AAPL)

Weekly Wrap Up

Due to Hurricane Sandy hitting the Northeast earlier in the week, US markets were only open for a short three days. A combination of mounting costs from the storm and next Tuesday's presidential election has caused many investors to worry and stocks to decline. For the week the S&P 500 gained 0.4% while both Nasdaq and the Dow Jones declined slightly. Gold dropped 2% to the lowest price in about two months.

AIG (AIG: Charts, News) made headlines after announcing a third quarter net profit of $1.9 billion and Starbucks (SBUX: Charts, News) saw shares rise after increasing its yearly outlook.
Positive economic data came from the jobs and consumer confidence reports. Oil ended the week at its lowest in almost four months on storm-related supply fears. This weekend G-20 officials plan to meet in Mexico City. More Market News

Economic News

Global Shares, Crude Oil Dip Despite Stronger US Jobs
Global stocks and crude oil retreated on Friday even after a U.S. employment report for October surpassed expectations, as investors looked beyond next week's presidential election to the looming "fiscal cliff." (Source: Reuters) Click here to read the full article
Eurozone Unemployment Figures Hit a New High
Europe’s economic gloom deepened Wednesday on the back of news that unemployment in the 17-nation Eurozone hit another record high in September as the region’s debt crisis continued to sap the confidence of business owners, investors and consumers alike. (Source: LA Times) Click here to read the full article
Storm Sandy to Cost New York State Economy Up to $18 Bln
Temporary losses to New York state's economy from super storm Sandy could reach $18 billion, State Comptroller Thomas DiNapoli said on Friday. (Source: Reuters) Click here to read the full article

Business News

B of A, Wells Rise in Global Ranks
Wells Fargo & Co. and Bank of America Corp. are the beneficiaries of a new ranking of systemically important banks issued by a group of international regulators, analysts said Friday.At issue is a new list of key banks that will need to hold additional capital, according to an international bank-regulation standard setter, the Financial Stability Board. (Source: MarketWatch) Click here to read the full article
Starbucks Bulls Feeling Vindicated After Latest Results
The bullish camp on Starbucks (SBUX: Charts, News) is feeling reassured following the coffee chain’s earnings report.Shares shot up 11% Friday after Starbucks overcame a U.S. spending slowdown earlier this summer. A 24% dividend increase was another treat. (Source: MarketWatch) Click here to read the full article
Disney Buys Lucasfilm for $4 Billion
Disney (DIS: Charts, News) announced today it will buy Lucasfilm for $4 billion in cash and stock. (Source: Business Insider) Click here to read the full article

Technology Focus

Apple Drops Two Senior Execs
The heads of Apple Inc.'s retail stores and the company's iOS operating system are both leaving the company in a structural shake up announced Monday (Oct. 29).Scott Forstall, senior vice president of iOS, will leave the company next year, Apple (Cupertino, Calif.) said. Between now and then, Forstall will serve as an advisor to CEO Tim Cook, the company said. (Source: EE Times) Click here to read the full article
Price, Details of Surface Models From Microsoft
There are two models of the Surface, one with a low-energy processor featuring Windows RT, and another with an Intel processor featuring Windows 8 Pro. (Source: ABC News) Click here to read the full article

Your Money

Save Yourself - Learn From My Investing Mistakes
As an investor, I’m a work in progress. I’m a better investor than I was in the past, and I hope to become an even better investor in the future. It’s one of the enjoyable things about working in the capital markets: There are so many things to learn, so many ways to improve. (Source: MarketWatch) Click here to read the full article
Recessions and Recoveries
The Labor Department delivered some decent news today, reporting that the nation’s employers added 171,000 jobs in October, plus 84,000 more jobs in August and September than initially estimated. The unemployment ticked up a bit to 7.9 percent from 7.8 percent, but that’s because more people decided to join the labor force and so were newly counted as unemployed. (Source: Economix) Click here to read the full article
Published on Nov 2, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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