Facebook Rallies and an Oil Rig Explodes: Market Recap

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The markets closed up Friday on Wall Street:

S&P 500: +0.48%Nasdaq: +0.57%, Dow: +0.37%

On the commodities front, Oil (NYSE:USO) rose 1.48 percent to $87.14 per barrel. Precious metals were down, with Gold (NYSE:GLD) dropping 0.04 percent to $1,713.20 per ounce, and Silver (NYSE:SLV) dropping 1.27 percent to $32.26 per ounce about 5 minutes after the bell.

Here’s your Cheat Sheet to Friday’s top stock stories:

The U.S. Federal Reserve has issued new scenarios for the next round of banking stress tests. Among the 19 banks being tested are JPMorgan Chase (NYSE:JPM), which is currently being investigated regarding its anti money-laundering practices, and Citigroup (NYSE:C), which failed the stress tests in March. (Read more.)

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Morgan Stanley’s Katy Huberty is not buying into Apple’s (NASDAQ:AAPL) bear trend continuing much longer. According to the analyst, issues of product supplies as well as gross margins — two of the main causes of investor concern — will be sorted out soon and lead to a surge in sales in the first quarter of the next calendar year, if not in this three-month period. (Read more.)

After two years of talks, the U.S. Federal Trade Commission has finally proposed a working settlement for the $2.3 billion acquisition of Dollar Thrifty Automotive Group (NYSE:DTG) by Hertz Global Holdings (NYSE:HTZ). The deal had been delayed because of concerns that the acquisition would harm competition at 72 airports around the United States where the two companies were the only rental services available. (Read more.)

Facebook (NASDAQ:FB) employees were rewarded for passing the loyalty test this week. Shares are up over 23 percent over the last five trading days, pushing toward their highest level since July. Shares closed up 6.27 percent on Friday.

An explosion at an oil rig owned by Houston-based Black Elk Energy off the coast of Louisiana has left two workers dead and two more missing on Friday morning, the U.S. Coast Guard said. Four other injured workers were taken to hospital. Bloomberg was reporting that the fire had been extinguished and that employees were en route to the platform. It wasn’t clear if any oil spilled into the gulf. (Read more.)

Despite disagreements on how to get there, a Eurogroup meeting next week must result in a deal on how to manage Greece’s debt or else the creditors may not be able to release 31 billion euros in emergency loans needed to keep the Greek government from going into default. (Read more.)

Overly tight lending standards at some banks may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes, said U.S. Federal Reserve chairman Ben Bernanke on Thursday. Banks’ lax mortgage lending practices were blamed for the 2008 financial crisis, but now Bernanke contends that the “pendulum has swung too far the other way,” with banks preventing qualified borrowers from getting loans. (Read more.)

Don’t Miss: Is the New Gulf of Mexico Oil Explosion Big Trouble?

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