Stocks Finish Week to Close Strong October as Weak GDP Report Keeps Shares Stagnant (MRK, HAL)

A strong month ends on a flat day as investors await next week’s elections and anticipated actions by the US Federal Reserve before making any drastic buying or selling decisions. The month was a strong one for Wall Street, but a report that GDP grew by 2%, meeting expectations but still a dissapointing growth figure, led to a flat day. In corporate news, shares of drug maker Merck (MRK) fell after reporting lower earnings on legal costs related to the defective Vioxx pill. The Dow finished up 4.54 points to 11,118.49. The NASDAQ ticked up 0.04 points to 2,507.41. The S&P 500 dropped 0.52 on the day to 1,183.26. The yield on 10yr treasuries fell 0.049% to 2.612%. Crude oil fell as well, down $0.81 to $81.37. Gold added $15.00 on the day to end at $1,357.10.

Word on the Street

• Report shows that GDP grew 2% last quarter, a somewhat disappointing growth figure despite meeting expectations.
• Haliburton (HAL) takes blame from previous report and pushes it upon British Petroleum (BP) – haven’t we heard this before?
• The legal ramifications from Vioxx pill weighed down Merck’s (MRK) earnings, sending shares into negative territory after report.
• Oil giant Chevron (CVX) reported lower than expected earnings and a net income of a measly $3 causing shares to dip to end the week.
• Shares of online job bank Monster Worldwide (MWW) spiked 25% Friday morning due to an increase in job postings.
• A nightmare of a quarter ends for Hewlitt Packard (HPQ) as new CEO is set to take control on Halloween.
• Fashion boutique Ann Taylor (ANN) reported great earnings for the previous quarter – is it time to jump on the bandwagon of this high end retailer as the market continues to improve?

Interesting Tidbits

• Save money on food by not throwing it away! Here’s some tips on how to make seemingly useless items into a delicious snack!
• Think you deserve a raise? Your boss might not – here’s a few tips on convincing your superior you’re worth more than you’re currently getting.
• Waiting last minute to prepare for Halloween? Check out these easy ways to make a costume and decorate while saving money at the same time.

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