| Market Summary |
It took the Dow Jones all day to do so, but the index finally turned things around and set yet another record Friday, closing at 11960.51. Early morning trading sent the index southward - at one point almost falling below 11900. By noon investors had a change of heart, and managed to shrug off rising oil prices and a 0.4% decline in retail sales figures to send stocks higher. Nasdaq, however, stayed in positive territory nearly the entire day. The University of Michigan's consumer sentiment figure clocked in at 92.3, much better than last month's 85.4. GE (GE: Charts, News, Offers) reported a 6% increase in its latest quarterly profit figures to meet Wall Street expectations. Investors were not impressed, sending the company's shares down 0.66%. Home Depot (HD: Charts, News, Offers) shares took a 2.64% hit after receiving some disparaging reviews by investment bankers. The company said that it would shake up its executives in an effort to boost performance.
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| Market News |
A Pennsylvania jury said on Friday that Wal-Mart Stores Inc. (WMT: Charts, News, Offers), the world's largest retailer, must pay $78.47 million in damages to current and former Pennsylvania employees for forcing them to work "off the clock" or during rest breaks. (Source: CNN Money) Full Story
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ConocoPhillips (COP: Charts, News, Offers) will pay $540,000 to Washington state for a 1,000-gallon oil spill that marred 21 miles of Puget Sound shorelines in 2004, state officials announced Friday.
The state Department of Ecology said the Houston-based company agreed to pay the entire fine by the end of next week. (Source: Yahoo! Finance) Full Story
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With the Dow Jones Industrial Average making records, a solid third-quarter earnings report from General Electric (GE: Charts, News, Offers) wasn't up to snuff on Wall Street.
The company's CEO, Jeff Immelt, offered a positive outlook on the economy, but investors were looking for an upside that didn't materialize. (Source: The Street) Full Story
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| Market Analysis |
This was an opportunity no Republican political operative would miss.
Last week, with Republican poll numbers in the dumps and the stock market surging, there was only one thing to do: claim that George W. Bush's tax cuts deserved the credit for the Dow Jones Industrial Average's record high.
(Source: Bloomberg) Full Story
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Few would disagree these days that China is the world's next new political and economic power. But is that good or bad for the rest of world, which since the fall of the Berlin Wall has looked primarily to the U.S. and Europe for leadership? One's perspective, of course, depends a lot on where you live.
(Source: BusinessWeek) Full Story
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What has come over the telecoms industry? The spectacular crash of 2001, with its associated bankruptcies, fraud and the destruction of around $1 trillion of investors' money, has evidently been forgotten. The gloom has given way to a fresh sense of opportunity and a renewed frenzy of dealmaking. The past couple of years have seen a series of huge takeovers and mergers among network operators and makers of telecoms equipment around the world.
(Source: The Economist) Full Story
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