- Reuters/Brian Snyder
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Stocks took a dive, then regained much of their lost ground, following news that the FBI uncovered new emails related to the investigation into Hillary Clinton’s use of a private server while she was secretary of state.
First, the scoreboard:
Dow: 18,161.19, -8.49, (-0.05%) S&P 500: 2,126.41, -6.63, (-0.31%) Nasdaq: 5,190.10, -25.87, (-0.50%) Gold: $1,277.25, $7.75, (+0.61%)
US gross domestic product grew at an annualized rate of 2.9% in the third quarter, its fastest in two years, according to the advance estimate. The boost to growth came from a jump in exports – mostly of soybeans – and inventories. Business investment in equipment, however, contracted for a fourth straight quarter. Crude oil tumbled following reports that there were obstacles to an OPEC production cut. Officials met in Vienna to discuss their plan. West Texas Intermediate crude oil futures settled down 91 cents, or 2.05%, at $48.70 a barrel. Exxon Mobil reported a 38% drop in quarterly profit that still beat Wall Street’s expectations. Cost cuts at the world’s largest publicly traded oil company partly offset declining crude prices. Novo Nordisk, a Danish pharmaceutical company known for its diabetes medication was down 14% Friday after slashing its long-term profit growth target in half. CFO Jesper Brandgaard said on an investor call that higher competition negatively impacted the price of the company’s products. The New York City securities industry earned 18% less in the first half of this year than last year, according to New York State Comptroller Thomas DiNapoli’s annual Wall Street report. But profits are on pace to exceed last year’s level. The report also said that compensation trends suggest that bonuses could be lower in 2016 for the third year in a row. And between March and August of this year, some 2,600 jobs were shed. Consumer confidence fell more than expected in October and to the lowest level in two years, according to the University of Michigan’s survey of consumers. The index fell to 87.2 from 91.2. Consumers became more pessimistic about the economy, and half of them anticipated that there would be a downturn within the next five years.