Service Sector Grows While Apple Holds Down the Dow (AAPL, C)

On Wednesday the major indices saw some gains as the service sector reported a rise in activity during the month of November, beating economists' forecasts. Apple (AAPL) continued to slump today as several clearing firms prepare to raise its margin requirement. The company is gearing up for a post-trial hearing with Samsung Electronics tomorrow. Citigroup (C) also made headlines after announcing plans to trim its workforce by 11,000. After announcing its restructuring actions, both Bank of America (BAC) and Morgan Stanley (MS) ended the day sharply higher.
Some focus was drawn back to the struggling euro zone after Spain had a weak debt auction today and caused the euro to retreat further against the US dollar. Obama made statements that the fiscal cliff should not affect the debt ceiling and that a deal could be reached possibly by the end of the week depending on how Republicans accept the idea of higher taxes.

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Published on Dec 5, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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