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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

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