- Drew Coffman/Flickr
Stocks fell slightly on Friday, but finished the week just slightly in the green.
All three indexes dropped off to cap the week. Oil tumbled and bond yields barely budged.
We’ve got all the headlines, but first, the headlines:
Dow: 18,123.80, -88.68, (-0.49%) S&P 500: 2,139.16, -8.10, (-0.38%) Nasdaq: 5,244.57, -5.12, (-0.10%) WTI crude oil: $43.22, -0.69, (-1.57%) 10-year yield: 1.701%, (-0.002)
Deutsche Bank had a disastrous day. The German bank saw its stock fall nearly 10% in trading on Friday after reports that the Department of Justice was going to settle with the company for $14 billion over financial crisis-era mortgage backed securities. Inflation came in higher than expected. The Consumer Price Index grew 0.2% from the prior month, higher than the 0.1% increase expected by economists. The biggest contributors to the gain were healthcare services and increased housing costs. Oracle missed on earnings. The software company reported earnings per share of $0.55 against expectations of $0.58 from analysts on Friday morning. The stock fell a bit more than 2.5% in trading. The Baker Hughes rig count keeps climbing. The oil rig count increased by two to 416, marking the third straight week of increases. It is also climbed in 11 out of the last 12 weeks. Russia’s central bank cut rates by 0.50%. The interest rate in the country now sits at 10%, but the Central Bank of Russia said it has no plans to cut until 2017. Relatedly, S&P upgraded their outlook on the Russian economy to neutral. Consumer confidence stayed steady, but disappointed. The University of Michigan’s consumer confidence index stayed steady at 89.8, but fell short of economist’s expectations of 90.6.
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