Indices were able to make slight gains on Friday but politicians in Washington appeared to make no progress in shutdown or debt ceiling debates. The shutdown is now on its fourth day and appears likely to drag on at least through next week. IDT Corporation (IDT) reported fourth-quarter sales and fell close to 8%. JP Morgan (JPM) cut its outlook for Alcoa’s (AA) quarterly earnings. Twitter made their file for its initial public offering public, and is valued at about $13 billion. The company intends to avoid issues that Facebook (FB) had with its IPO. Today Facebook announced it would start showing ads on its popular Instagram service and rose 4%. Despite a small gain for the dollar, the currency still ended the week lower against the euro and yen. Gold prices also fell and ended 2% lower than last week.
Word on the Street
- Fed’s Jeffrey Lacker says they don’t have the power to counter economic uncertainty.
- Facebook (FB) gains on Friday on plans to begin ads on Instagram.
- The dollar finally rebounds ahead of Fed talk after hitting eight month lows.
- The tech industry gears up for two big IPOs, including Twitter.
- Now you can get Apple’s (AAPL) iPhone 5C for $45.
- Nike (NKE) Sprints Past Earnings Estimates.