Cyber Monday Sets Record Number of Sales; Detroit Could Cut Pensions

The S&P and Dow Jones finished below their milestones for the first time since achieving these milestones as all three indexes end the day in the red for the second consecutive day. Black Friday drove auto sales up for the month of November to an annual selling rate of 16.4 million, significantly higher than 15.3 million for a year ago. The U.S. Bankruptcy Judge is allowing the city of Detroit to file for bankruptcy and cites that pensions can be cut, much to the demise of many. It is expected that certain groups including retirees and unions will appeal this ruling. Cyber Monday sales set records yesterday after sales were up 16%, setting a record $2.29 billion.
The growth of retailers e-commerce sites being easily available on smartphones helped push sales to a record number. Facebook (FB) has made yet another change to its news feed. The social media site is trying to showcase higher "quality content." Apple (AAPL) has made another large purchase to help their overall brand name. The company recently acquired Topsy, which is primarily known as a social analytics firm.

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Published on Dec 3, 2013
By InvestorGuide Staff

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