Fiscal Fears Continue to Weigh Down Wall Street (MCD, GRPN)

Worries about the fiscal cliff continued to weigh heavily on US markets even after several positive economic reports. Many fear this cliff will push the economy back into recession in 2013 and force the jobless rate up to above 9%. There was a small boost to the economy after exports in September climbed to a record high, causing the trade deficit to decline. The gap narrowed by 5.1%. Jobless claims dropped to 355,000 during the past week, a figure that was lower than expected. McDonald's (MCD) contracted for the first time in almost a decade with sales dropping clost to 2% in October.
Duke Energy Corp.'s (DUK) profit was up 26% due to an increase in Q3 profit and their acquisition of Progress Energy. European stocks ended higher on Thursday after further austerity measures were passed in Greek parliament and Siemens AG (SI) reported positive results and plans to cut costs.

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Published on Nov 8, 2012
By InvestorGuide Staff

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