And that weighed on stocks. But it wasnt the only thing. The organization for Economic Cooperation and development lowered its Global Growth forecast. So while things may be looking up for the u. S. Economy, especially after last fridays jobs report, it comes at a time of weakening Economic Growth around the world. By the close today the Dow Jones Industrial average dropped 179 points to 17,730. Nasdaq fell 51. And the s p 500 lost 20. As for the bond market, yields rose as prices fell. The tenyear u. S. Note is now up more than a third of a percentage point in yield in less than a month. Bob pisani shows us how the market is responding to this new reality. Reporter stocks experienced their weakest day in over a month. Much of the decline was due to continuing fallout from the strong jobs report and the increasing likelihood that the fed will raise rates in december. Interest ratesensitive groups like reits and emerging markets and Home Builders were all down about 2 . This rate hike t
Companies can be and as allamerican as they come. Coke, boeing, and late today, American Express. And thats where we begin. The Financial Services company struggling since its exclusive relationship with cosco was broken off earlier this year and today it posted disappointing results. Earnings per share came in at 1. 24, and that was a full 7 cents below estimates. Revenue for the quarter also missed, and it was down about 1 from a year ago, and that pressured shares initially in extendedhours trading, as you see there. Mary thompson has more on American Expresss results. Reporter well, American Express is spending more to get new business, and that hurt its bottom line in the Third Quarter. The electronic payment giants profits falling over , hurt by higher spending on growth initiatives, the impact of a stronger dollar and money spent to renew cobranded relationships. With its exclusive deal to be the lone credit card accepted in Costco Stores expiring next year, amex expanding more
Companies can be and as allamerican as they come. Coke, boeing, and late today, American Express. And thats where we begin. The Financial Services company struggling since its exclusive relationship with cosco was broken off earlier this year and today it posted disappointing results. Earnings per share came in at 1. 24, and that was a full 7 cents below estimates. Revenue for the quarter also missed, and it was down about 1 from a year ago, and that pressured shares initially in extendedhours trading, as you see there. Mary thompson has more on American Expresss results. Reporter well, American Express is spending more to get new business, and that hurt its bottom line in the Third Quarter. The electronic payment giants profits falling over , hurt by higher spending on growth initiatives, the impact of a stronger dollar and money spent to renew cobranded relationships. With its exclusive deal to be the lone credit card accepted in Costco Stores expiring next year, amex expanding more
This morning that he got the call last night that part of his roof was gone, and water was seeping into a big part of the building. But they there was also some pretty extensive storm damage in jo daviess county, near menominee. Ill be checking that out this afternoon, and well have that for you tonight at five and six. Weve got you covered live here in dubuque, brad hanson. Kwwl news. No final word on the amount of damage done, but ferguson says its for sure in the tens of thousands of dollars range, and quite possibly up over one hundred thousand dollars worth of damage. More damage in dubuque from the storms trees landing on this house. We got this video from our coverage partners at th media. Luckily the couple who lives here wasnt home at the time. When they got home they were most concerned about their cats. Heres damage in cedar falls. The roof of a barn was partially wiped out in the storm and was replaced with hay bales to hold the structure in place. Damage could be seen all
A record low. To the weakest luxury good market for six years. Less than 1 of their revenue comes from online. Lets take a look at the markets. Hong kong and china currently closed for lunch. Here is how they were trading in morning session. Hang seng index nabbing the longest losing streak we have seen in decades. This is a picture in singapore, tokyo, and mumbai, asian stocks rebounding as fed day arrives. Well be back in half an hour. Time now for bloomberg west. Emily coming up, the governments new push to monitor social media. Terror threats shut down schools in los angeles. Apples areas 51 revealed will go live in taiwan for a look at the figure Production Lab. Slumping oil prices are casting a cloud on solar power companies. We will sit down with the ceo of sunpower to look at the industry profit forecast. First, to our lead. I want to talk about what is going on in washington. Joining us now, bill, a senior fellow on american broncos where he works on National Security issues.