US Indices Slump on Friday While Industrial Production Recovers (BBY, AAPL)

On Friday the Federal Reserve announced that about sixteen foreign banks including Deutsche Bank AG (DBK) and Barclays Plc (BARC) with operations in the US will face stricter rules for capital and liquidity. Earlier in the week rumors spread that Richard Schulze was going to make a bid for a Best Buy (BBY) buyout, but it was reported today that he was given an extension. Many wonder if there are enough finances to take the company private.
For the month of November industrial production in the US rose on a rebound from Hurricane Sandy. It was the biggest jump in about two years. Apple (AAPL) continued to drop on Friday sending Nasdaq lower after UBS (UBS) cut its stock price from $780 to $700. The S&P 500 also fell as another tech stock, Jabil Circuit Inc.'s (JBL) shares dropped 5%. Positive economic data came out of China after manufacturing grew at its fastest pace in fourteen months in December.

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Published on Dec 14, 2012
By InvestorGuide Staff

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