The markets closed down on Wall Street, with all three indices ending down for the week.
At the close: DJIA: -0.27%, S&P 500: -0.41%, Nasdaq: -0.70%.
On the commodities front, Oil (NYSE:USO) climbed 1.09 percent to $86.83 per barrel. Precious metals were down, with Gold (NYSE:GLD) falling 0.04 percent to $1,696.20 per ounce, and Silver (NYSE:SLV) dropping 0.20 percent to $32.29 per ounce.
Shares of Apple (NASDAQ:AAPL) hit their lowest point in 10 months, sinking to $507.66 during Friday’s trading after talk about weak iPhone 5 demand in China and two pessimistic analyst reports. UBS trimmed its 12-month price target on Apple shares to $700 from $780 and Jefferies’ Peter Misek cut his current quarter margin estimates by one point to 39 percent… (Read more.)
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Mr. Market Teaches a Hard-Learned Lesson: It is often said that life gives you a test, then teaches you the lesson. Much of the same can be said about investing. Developments and speculation in the market can cause some investors to act irrationally, leaving a hard-learned lesson in the end. Case in point: Best Buy (NYSE:BBY), which closed down over 14 percent… (Read more.)
How Much is it Really Worth? Four years ago, Sprint (NYSE:S) formed a joint venture with Clearwire (NASDAQ:CLWR) in order to build out a high-speed wireless network, but the idea never materialized; the venture bet on the wrong wireless standard, and the project led to billions of dollars in losses. Now, a regulatory filing made on Thursday showed that the wireless carrier offered to acquire all of Clearwire for $2.1 billion, or $2.90 per share… (Read more.)
Not All Economic Indicators are Bad: While concerns over the fiscal cliff have not abated, the cost of living for the month of November fell more than analysts expected. As the Labor Department reported on Friday, the consumer-price index decreased by 0.3 percent last month. This drop was greater than the 0.2 percent drop estimated by economists surveyed by Bloomberg, and it was the first decrease in the index since May… (Read more.)