- 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).