U.S. stocks slip Friday on uncertainties following European bailout deal
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New York, NY, United States (AHN) – U.S. stocks slipped into the red Friday morning after uncertainties lingered following Thursday’s European deal to tackle the eurozone debt crisis.
Shortly after 10 a.m., the Dow Jones Industrial Average was down 3 points, the Standard & Poor’s 500 Index was off 5 points and the NASDAQ fell 11 points.
All eyes are still focused on Europe and the financial crisis that the eurozone faces. Analysts are questioning if the $610 billion rescue fund leaders agreed on Thursday will be enough.
On the U.S. economic front, U.S. personal spending rose 0.6 percent in September in line with estimates, while personal income rose a scant 0.1 percent, short of estimates of 0.3 percent.
Merck reported third quarter profits of 94 cents a share and revenues of $12 billion, topping estimates. Chevron’s quarterly profits topped Wall Street estimates but sales fell well short of forecasts. Whirlpool announced plans to cut roughly 10 percent of its workforce, or 5,000 jobs, after reporting its sales growth was growing much slower than anticipated.
Commodities were also lower. Light sweet crude fell $1.93 to $92.16 a barrel, and gold gave back $8.90, last trading at $1,739 a troy ounce.
Stocks surged 339 points on Thursday after the eurozone agreement. U.S. markets are on track for their best October performance on record.
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