US stocks sank over the week with earnings and global growth concerns weighing on stocks. The S&P 500 fell 3.9% and the Dow sank 3.0% for the week. Abroad, Japan plunged 6.0% and Europe eased 2.5% for the week. The yield on the 10-year Treasury sank again ending the week at 3.08% as investors moved to safe haven investments.
Third quarter GDP was 3.5% above expectations of 3.4% driven by consumer and government spending.
Italy’s bonds were downgraded by Moody’s to the lowest investment grade rating.
With half of S&P 500 companies reporting earnings 60% topped sales expectations – below recent levels.
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