U.S. stock market gauges racked up a sixth-straight weekly gain. The S&P 500 and Dow Jones Industrial Average again hit record closes today.- This week Wal-Mart (WMT) reported third-quarter earnings slightly higher than analysts expected. The stock fell, though, because the company reduced its full-year profit forecast. In other words, Wal-Mart doesn’t expect a great holiday shopping season.
- Janet Yellen’s testimony signaled to Wall Street the Fed would not close the QE faucet just yet. That means a giant green light for equities.
- Moody’s downgraded senior debt ratings on four top bank holding companies including Goldman Sachs (GS) and JPMorgan Chase (JPM).
Explaining its decision, Moody’s thinks the regulatory environment now indicates the banks are less-likely to receive government bailouts in a crisis — and leave bondholders with higher risk.- Government-sponsored mortgage giants Fannie Mae and Freddie Mac surged after hedge funds disclosed new ownership stakes.
- Futures exchange operator CME Group (CME) said hackers breached its systems in July and compromised customer information.
- CME said there is no evidence the hackers influenced trading activity, but did not rule out the possibility.
- Microsoft is aiming the Xbox One at a broader market. It is primarily a gaming device, but the company is also pitching it as a primary living room device for watching movies, exercising with motion sensors, and video chatting with friends over Skype (which Microsoft owns).
