Markets Finish Mixed Friday as Debt Ceiling Deadline Nears (WMT, GE)

Stocks finish Friday mixed as investors see the possibility of a debt ceiling deal is dwindling as the deadline approaches. Optimism was felt from European news early, as a debt handling mechanism was agreed upon, but enthusiasm faded quickly. A few companies reported earnings, as General Electric (GE) saw an increase in profits. And Walmart (WMT) has agreed to give Nielsen their sales data, hopefully shedding some more light on the discount retail sales industry’s economic situation.

Word on the Street

• Worries over Europe’s continued debt issues have strong impact on investor sentiment.
• Jobless rates increase in 28 of 50 states.
• General Electric (GE) reports a 13% increase in profit for the second quarter.
• Shares of McDonald’s (MCD) hit a 52-week high.
• Walmart (WMT) agrees to give sales data to Nielsen.
• Borders begins liquidation of bookstores.
• Citadel LLC, the largest holder of E*Trade (ETFC), suggests the troubled online brokerage sell itself.

Interesting Tidbits

• New online music provider Spotify has the potential to eliminate iTunes.
• Ten quotes to make you think.

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