Talks between different members of Congress began on Friday and lifted Wall Street up by close of the bell. US indices were mostly unchanged but new hopes formed after the meeting was deemed constructive. Also after the talks US Treasury prices rose, pushing yields to their lowest since August and the US dollar hit a two-month high. In earnings news, Dell (DELL) dropped to its lowest point in over three and a half years after reporting a weak third quarter. Most other stocks in the tech industry closed with gains. Sears (SHLD) plunged 14.1% and reported a 3.1% drop in sales. Fighting has intensified in the Middle East causing oil prices to increase on supply concern; crude futures for December delivery rose 1.4%. Industrial production reportedly dropped in October by 0.4% due to interruptions from Hurricane Sandy.
Word on the Street
- Congressional leaders meet on Friday and express optimism about a future fiscal cliff deal.
- Apple (AAPL) falls as investors worry about a potential hike in capital gains taxes.
- Industrial production drops 0.4% in the US after Sandy disrupted the output of goods.
- JP Morgan (JPM) and Credit Suisse (CS) to pay $400 million to settle allegations.
- Sears Holdings Corp. (SHLD) falls the most in 10 months after reporting its 23rd straight quarterly sales drop.
- Shares of Dell (DELL) drop to the lowest level in over three and a half years over market concerns.
- American City Business Journals (ACBJ) acquires Streetwise Media but does not disclose terms.