Wall Street saw little change on Friday but the Nasdaq Composite did report its first positive November in three years. Budget talks continued and House Speaker Boehner made statements that Congress has come to a sort of standstill. The tech industry saw several losses with Zynga (ZNGA) shares dropping after an announcement that its terms with Facebook (FB) have changed. Shares of both Groupon (GRPN) and VeriSign (VRSN) tumbled as well. Consumer spending was reported to have dropped more than expected for the month of November. The euro zone jobless rate increased to 11.7%, a record high, after reaching 11.6% during the previous month. The US dollar hit its highest against the Japanese yen and oil futures climbed higher on Friday to reach a 3% monthly gain.
Word on the Street
- The decrease in wages due to Sandy leads to an unexpected decline in consumer spending.
- Yum Brands (YUM) updates yearly outlook, noting weak sales in China.
- The unemployment rate in the euro zone hits a record high of 11.7%.
- Tech stocks drag down markets with losses from Groupon (GRPN) and Zynga (ZNGA).
- Speaker Boehner says fiscal cliff talks with the White House have hit a “stalemate.”
- CME Group Inc. (CME) to assume responsibility for erroneous report losses.
- Gold futures suffer $17 an ounce for the day, adding to weekly and monthly losses overall.
- Tiffany & Co. (TIF) drops on a decline in earnings and a negative yearly outlook.