The market continued to make sporadic dips throughout the day due to further fiscal cliff comments from John Boehner, but eventually rebounded at the close of the bell. Despite signs that an agreement may be close, investors’ worries will most likely continue until the issue is solved. Reports were released that retail sales for the past month were lower than expected even though Black Friday brought on numerous deals. Corporations such as Macy’s (M) and Target (TGT) saw shares drop as Hurricane Sandy had a greater impact on consumer spending. Research in Motion (RIMM) was up on Thursday after Goldman Sachs (GS) upgraded the company’s stock. Crude oil futures finally edged higher after three consecutive days of losses. Prices were due to positive data that showed the US economy grew faster than originally reported during the third quarter and that GDP expanded at a rate of 2.7% from July to September.
Word on the Street
- Jobless claims decrease as the job market finally seems to be stabilizing after Hurricane Sandy.
- Citigroup (C) to cut bonuses by up to 10% while continuing to trim staff.
- Retailers miss expectations despite Black Friday sales and other holiday shopping.
- Kroger Co. (KR) reports higher Q3 profit after reducing food prices and raises its full-year outlook.
- No substantial progress has been made in fiscal cliff talks despite continuing congressional discussion.
- LivingSocial trims workforce by 400, or about 10%, amid Groupon (GRPN) troubles.
- Losing streak breaks for oil prices on Thursday after positive economic data.
- How to always be prepared for a last minute surprise interview.
- Why Americans must face the current levels of government outlays and the trade-off between paying higher taxes and cutting spending.