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Bob Carey
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  US Stocks Week Ended December 14, 2012
Posted Under: Weekly Market Commentary
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Despite the Fed's announcement they will expand quantitative easing in 2013, stocks slipped last week. This can perhaps be attributed to Congress's lack of progress on the approaching fiscal cliff. Last week, it was announced that banking giant, HSBC, will have to pay fines of $1.92 billion for their role in ignoring money laundering. The Department of Justice accused the bank of allowing drug cartels to launder billions of dollars across borders and conducting transactions on behalf of customers located in Cuba, Iran and Sudan. Another bank facing profit and regulatory challenges is Deutsche Bank. The German lender warned that they will take significant charges in the fourth quarter which could result in the bank posting a loss. In addition, the bank is being investigated for potential involvement in fixing LIBOR rates. Apple's share price fell 4.4% last week and now trades for 11.5 times its trailing earnings. This is despite posting impressive annual revenue and earnings growth of 43.62% and 59.5%, respectively. Mining equipment maker, Joy Global, closed the week up 7.3% on the back of quarterly results. The company beat earnings by 11.34%, but guided expectations down, specifically stating that miners may reduce capital expenditures by 10% to 15% in 2013. The U.S. Treasury has completed the sale of its shares in AIG. Total, U.S. taxpayers have made a gain of $22.7 billion on the rescue of the insurer. Looking ahead, it's expected to be a slow week heading into the holiday. Biglari Holdings owner of Steak n' Shake will report earnings on Monday and be joined by FedEx and General Mills on Wednesday. Markets will trade during normal hours this week, but the following Monday, Christmas Eve, the NYSE will trade using a shortened holiday schedule.
Posted on Monday, December 17, 2012 @ 9:47 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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