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Financial News Brief Oct. 3 ~oct. 7, 2011

Financial News Brief Oct. 3 ~oct. 7, 2011. By: Joanna Alexander Courtney Potter Will Prout Kathy Ratajczak. Welcome to Fourth Quarter 2011. Enjoy the ride!. Monday Oct. 3 Stocks Sink pushing S&P to new low for the year!. Dow 10,655.30 -258.08 -2.36 %

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Financial News Brief Oct. 3 ~oct. 7, 2011

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  1. Financial News BriefOct. 3 ~oct. 7, 2011 By: Joanna Alexander Courtney Potter Will Prout Kathy Ratajczak

  2. Welcome toFourth Quarter 2011 Enjoy the ride!

  3. Monday Oct. 3Stocks Sink pushing S&Pto new low for the year! • Dow 10,655.30 -258.08 -2.36% • Nasdaq 2,335.83 -79.57 -3.29% • S&P 500 1,099.23 -32.19 -2.85% http://finance.yahoo.com/news

  4. But isn’t that surprising? Why? • The Institute of Supply Management announced on Monday that its index of factory activity rose to 51.6 last month from 50.6 in August; • A separate report from the Commerce Department showed an unexpected rebound in construction spending in August http://finance.yahoo.com/news/Manufacturing-sector-grows

  5. So What contributed to the drop? • Concerns Greece is closer to defaulting; • Senate panel found that home-health care firms gamed the Medicare system; • Slowdown in Venture-Backed I.P.O.’s; • Global Markets Suffer Worst Quarter since 2008 over fear of Global Recession • Fear of “contagion” in the financial system http://finance.yahoo.com.news

  6. Tuesday Oct. 4Late surge erases earlier losses on Wall Street Dow10,808.71 +153.41 +1.44% Nasdaq 2,404.82 + 68.99 +2.95% S&P 500 1,123.95 + 24.72 +2.25%

  7. Fed Chairman Ben Bernanke said economic recovery is “close to faltering” • Important objective is to avoid fiscal action that could impede recovery • Europe’s debt crisis poses “ongoing risks” to US economic growth • Recent indicators point to likelihood of sluggish job growth ahead • Inflation likely to remain subdued • Long term interest rates should fall by .2 percentage points due to Fed’s September efforts http://beta.finance.yahoo.com/news

  8. Wednesday Oct. 5 Jobs picture remains fuzzy • Report announcing the addition of approximately 91,000 jobs was released to the public for the month of September 2011 • Report later revised to record the addition of 89,000 jobs Who was the leader in creating jobs during this time period? • Small businesses employing 1-49 employees was the leader in adding jobs during this time Unemployment still remains steady at 9.1% despite job additions. http://money.cnn.com/2011/10/05/news/economy/jobs_challenger_adp/index.htm http://best-cpa-accountant.com/archives/207

  9. Wednesday Oct. 5 • After a 7 year battle with pancreatic cancer, Apple founder Steve Jobs passes away. • What affect did Jobs’ death have on Apple’s stock price? • Relatively little • Apple’s stock price rose from an opening price of $367.86 to a closing price of $378.25. “Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it. The world has lost a visionary. And there may be no greater tribute to Steve’s success than the fact that much of the world learned of his passing on a device he invented.” - President Barack Obama • How will the market respond to the slightly improved iPhone 4s? • Seemingly not that different to the iPhone 4 • Will Apple continue to be the innovative giant it has made itself without Jobs’ influence? http://www.latestcnnnews.com/apples-ex-ceo-died-at-an-age-of-56.html http://finance.yahoo.com/q/hp?s=AAPL&a=09&b=5&c=2011&d=09&e=5&f=2011&g=d http://www.huffingtonpost.com/2011/10/05/barack-obama-on-steve-job_n_997373.html

  10. Thursday Oct. 6 Obama recognizes Wall Street protestors • Occupy Wall Street started on September 17th • Protestors are in New York City, Los Angeles, Boston, San Francisco, Denver, Chicago, and Philadelphia • In a press conference on Thursday, Obama acknowledged the protestors proving further that they are gaining national recognition http://www.usatoday.com/money/markets/story/2011-10-06/wall-street protests-obama/50679970/1

  11. What are the protestors trying to accomplish?

  12. Since it started more and more people have joined the cause • In late September, Labor Unions joined the cause further expanding the protest • Occupy Wall Street has received criticism for not having a set of goals they want to accomplish • Although they are unorganized they are gaining more recognition everyday

  13. http://www.huffingtonpost.com/2011/10/06/occupywallstreet-signs-an_n_998099.html?ref=occupy-wall-street#s393086&title=Members_of_tradehttp://www.huffingtonpost.com/2011/10/06/occupywallstreet-signs-an_n_998099.html?ref=occupy-wall-street#s393086&title=Members_of_trade

  14. 30 Year Mortgage Rate Hits Historic Low Interest rates fall to 3.94% This is the lowest rate to date NOW is the best time to purchase a home Economic conditions are preventing people from purchasing homes 15 year fixed rate mortgages also reached record low of 3.26% http://money.cnn.com/2011/10/06/real_estate/mortgage_rates/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29&utm_content=Google+Feedfetcher

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