Economy
-Home prices for existing single family homes rose 7.6% in the third quarter over a year ago. 11/8
-The EU dropped its outlook for growth in the region projecting deeper recessions in Greece, Italy, and Spain and meager growth in France and Germany. 11/8
-Economist estimate that the economic impact from hurricane Sandy will result in a reduction of 0.2% form GDP growth in the 4th quarter. 11/9
-Inflation continued to ease in China rising only 1.7% in October down from 12.9% in September giving the country more room to maneuver with monetary stimulus. 11/9
-Jobless claims fell and exports jumped in good news for the economy. 11/9
Corporate
-Toyota raised its earnings forecast for its fiscal year based on improving sales in the U.S. and lower costs. 11/6
-AOL, for the first time in 7 years, did not have a decline in revenue in its most recent quarterly results and the firm posted a profit of $20 million. 11/7
-Online travel site Priceline has agreed to purchase Kayak for $1.8 billion only a few months after the travel site’s IPO. 11/9
-Disney saw profits rise 14% in the third quarter driven largely by ESPN and other networks and its resorts division. 11/9
-McDonald’s posted the first drop in monthly sales in nine years suggesting the company is having difficulty continuing to grow. 11/9
Market
-Short term bonds of established companies Johnson and Johnson and Exxon have lower yields than equivalent maturity Treasury’s indicating that investors find those investments less risky than those issued by the US Government. 11/7
-U.S. markets rose on the day of the election as the S&P500 gained 0.8% and the Dow rose 1.0%. 11/7
-Greece narrowly approved deeper austerity measures in order to receive additional bailout funds. 11/8
-U.S. markets plunged as a result of renewed fears about Europe and the upcoming fiscal cliff. The S&P 500 and Dow sank 2.4% for their worst day of the year. Europe fell 1.3% and Japan was flat. Oil sank below $85 a barrel to $84.44. 11/8
-U.S. markets dropped significantly for a second day on worries of the fiscal cliff, Europe and corporate earnings. The S&P 500 sank 1.2% and the Dow dropped 0.9%. Markets reached their lowest close since late July. 11/9
-U.S. stock markets had a slight rebound Friday, but had their worst week since June and posted their third weekly loss in a row. Worries over the fiscal cliff and Greece and the Euro zone dominated the week. The S&P 500 sank 2.4% and the Dow dropped 2.1% for the week. Europe sank as well dropping 1.7% and Japan fell 3.2%. The yield on the 10 year Treasury fell to 1.613%. 11/10