Investors Turn to Q4 Earnings as US Stocks Retreat (AMZN, BAC)

After last week's major gains, stocks on Monday ended lower as investors shifted attention to fourth-quarter earnings expectations. Bank of America (BAC) announced its settlement of $10 billion with Fannie Mae over mortgage claims. Separately, a group of ten lenders including JPMorgan Chase (JPM) and Citibank (C) reached a $8.5 billion settlement over their case involving past foreclosure abuses. The energy and utilities sectors were also hit on Monday.
Shares of Yahoo! (YHOO) and Apple (AAPL) slipped, while Amazon (AMZN) stock jumped to a new high after getting a ratings upgrade from Morgan Stanley (MS). Netflix (NFLX) gained as well after announcing it's deal with Time Warner's (TWX) Warner Bros Television. The US dollar fell against the euro as analysts await the Fed's plan of action with bonds and the debt ceiling.

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Published on Jan 7, 2013
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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