Strong Earnings Reports Keep Stocks Afloat (C, GOOG)

Stocks close the week on a high note, finish with gains after strong earnings reports from Google (GOOG) and Citigroup (C). The major economic news came from the Consumer Price Index report, where prices fell for the first time in six months. In international news, the European bank stress test was released, where only eight banks failed. And Italy passed an austerity bill aimed at balancing the country’s budget by 2014.

Word on the Street

• Despite looming US debt concerns and poor economic reports, stocks finish with gains.
• Euro declines for second week against the dollar.
• Citigroup (C) shares fall after increase in expenses, rise in net.
• Fannie Mae and Freddie Mac may receive credit rating cuts from Standard and Poor’s.
• ConocoPhillips (COP) stuns investors by announcing they will split operations in two.
• Italy accepts massive austerity bill aimed at balancing the budget by 2014.
• Consumer prices decline for the first time in six months, auto prices rise.
• Investors favor Netflix (NFLX) price increase, but will it last?

Interesting Tidbits

• At the end of the day, it all comes down to the skills you posses that allow you to perform.
• Harry Potter’s final move is out – what can a small business owner learn from the child wizard?

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