Sweet September Ends on Sour Note as Tech Giants Suppress Markets (AAPL, GOOG) – September 30, 2010

Stocks finished their best September since 1939 with a dip as investors decide to take gains to close out the month. Intitially, stocks jumped upward on positive news that unemployment claims dropped last week and manufacturing numbers rose in the Chicago area. But after the morning increase, traders took profits where they could, causing the overall market to decline. Powering the depression of stocks were tech giants like Apple (AAPL) and Google (GOOG), consistent providers for gains, whose shares fell around 1% on the day. American International Group (AIG), recipient of the largest amount of bailout funds, reached a deal to pay back the billions borrowed from the US government to keep the company afloat. The Dow finished the month with an 8% increase, down 47.23 on the day to 10,788.05. The NASDAQ finished at 2,368.62, down 7.94 on the day, and the S&P 500 dipped to 1,141.20, down 3.53 points. Yield on treasuries rose 0.11% to 2.517%, and the crude oil index took a jump up $2.04 to $79.90. Gold decreased to $1,307.00, down $0.50 on the day to finish out the month.

Word on the Street

• The best September since 1939 ends on a negative day even after decline in jobless claims and an increase in Chicago manufacturing.
• AIG (AIG) releases plan to repay government the $49.1 billion given two years ago to bailout the troubled firm.
• The US Department of Interior sets new offshore drilling requirements to prevent another catastrophic oil spill, but is not ready to lift the ban in the wake of the BP (BP) disaster.
• US Postal Service is denied request to raise rates as the organization continues to suffer from the economy and private competition in FedEx (FDX) and UPS (UPS).
• Toy maker Fisher Price, a subsidiary of Matell (MAT), is recalling 10 million toys, high chairs, and bicycles as shares stay stable.
• McDonolds (MCD) to seek exemption from new health care law aimed at giving insurance to 32 million Americans.
• Nintendo announced they will release the “3DS” this coming April with a price tag of $250.
• Apple’s (AAPL) performance over the past week displays how a high profile, widely traded firm can incur share price decline from an event as minor as a rumor.

Interesting Tidbits

• Thanksgiving is less than two months away. Before you make your travel plans, read this article on how to save a few bucks on travel costs now.
• Loyalty can be a virtue, but there comes a time where you have been with the same company two long. Here are the signs you may be too loyal.
• New cars often have weird and seemingless pointless features. Check out these newbies for 2011 – my favorite is the “Gentleman Function” in the BMW 750i.

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