Markets finished mixed on Friday after the monthly jobs report showed more jobs were added than previously expected, but more adults also stopped looking for work. There was no fiscal cliff progress made, as the President and Speaker remained far apart on several issues, including tax increases. Shares of Apple (AAPL) closed down 9% for the week on worries about the sustainability of high profit margins and of competitors being a larger threat to the company. Another report released Friday by Reuters/ University of Michigan showed that consumer confidence was lower than expected, down from 82.7 in November to 74.5 in December.
Word on the Street
- Goldman Sachs (GS) got hit with a $1.5M penalty for trading fiasco in 2007.
- AIG (AIG) is reportedly to be in talks to sell its aircraft leasing business for $5B to a Chinese consortium.
- Shares of Citrix (CTXS) got a boost from takeover speculation.
- Germany’s Central Bank sharply slashed its predictions for its own country’s economic growth next year.
- For the week, the price of U.S. crude oil dropped over 3%.
- Pilots at American Airlines ratified a new labor deal.