Iranian Imports Banned, Citigroup CEO Leaves, and Apple’s Event : Market Recap
Markets closed up today on Wall Street:
S&P 500: +1.03%, Nasdaq: +1.21%, Dow: +0.95%, Oil: +0.26%, Gold: +0.67%.
On the commodities front, Oil (NYSE:USO) rose to $92.09 per barrel. Precious metals were up, with Gold (NYSE:GLD) rising to $1,749.20 per ounce, and Silver (NYSE:SLV) climbing 0.75% to $32.99 per ounce.
Vikram Pandit stepped down as CEO of Citigroup (NYSE:C). Pandit leaves the company followed by praise for his leadership during and after the financial crisis. Michael Corbat, former CEO of Citigroup’s Europe, Middle East, and Africa business will step into the role. On his way out, Pandit says Corbat “is the right person to tackle the difficult challenges ahead.”
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Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), and Citigroup all reported better-than-expected performances for the third quarter. While Goldman Sachs’s results echoed those of JPMorgan, and were good enough for the bank to raise its quarterly dividend to 50 cents per share, analysts still found issues on its balance sheet.
The 27-nation European Union announced a ban on imports of Iranian natural gas and imposed other restrictions on trade and financial dealings. The ban includes more than 30 firms and institutions that were earmarked for asset freezes in Europe; among them were the National Iranian Oil Company, one of the world’s largest crude exporters, and the National Iranian Tanker Company.
Apple (NASDAQ:AAPL) has sent out media invites to an event on October 23 for what is widely expected to be the launch of the company’s new iPad Mini. The invitation, featuring the line “We’ve got a little more to show you”, is at least a little reminiscent of the company’s invites before the announcement of the first iPad in January 2010. The announcement will be held at 10 a.m. Pacific Time at the California Theatre in San Jose, California. This comes just before Microsoft’s (NASDAQ:MSFT) Windows 8 event on October 26.
Coca-Cola Hellenic Bottling Co. SA is quitting the Athens stock exchange next year, cutting the capitalization of the already devastated Greek market by roughly a quarter. The company’s departure will cut the value of equities listed in Athens from $39.2 billion to just $31 billion, according to Bloomberg. Coca-Cola HBC, based in the Greek capital, currently accounts for 23 percent of the benchmark ASE Index’s weighting with a value of 6.23 billion euros. The Greek market has lost 86 percent of its value since peaking in November 2007 at $273 billion.
Don’t Miss: Here’s Why the EU Stepped Up Pressure on Iran.