Stocks End A Miserable Week: Here's What You Need To Know Before The Weekend

First: Scoreboard

DJIA: Down 140 points to 10,379 / -5.7% for the week.

NASDAQ: Down 54 points to 2265 / -7.9% for the week.

S&P 500: Down 17 points to 1110 / -6.3% for the week.

Commodities:
Oil: Down 2.5% or $1.95 to $75.16 a barrel.
Gold: Up 1.1% or $13.10 to $1210.40 an ounce.
Silver: Up 5.2% or $0.92 to $18.44 an ounce.

Now here’s what you need to know going into the weekend:

  • European leaders are meeting in an effort to sort out the Greek crisis. Its unlikely it will be resolved until sometime next week, as German elections occur Sunday and Chancellor Merkel would like to avoid any big decisions before then.
  • The move expected by European leaders would be into markets, to increase liquidity in an effort to quell fears of a sovereign meltdown in Europe. This would be similar action to the Fed’s moves to buy securities during the financial crisis in 2008 and intended to sure up Europe’s troubled banking sector.
  • The UK remains in hung parliament chaos. The country is unlikely to have a new functioning government before next week. Right now, it looks like some sort of weak Conservative leadership is the likely result.
  • Apple took a hit today after rival Nokia announced patent lawsuits against the firm. Technologies used in the iPad and iPhone 3G are the targets of the lawsuit.
  • Lloyd Blankfein hinted at settlement talks between Goldman Sachs and the SEC over the ABACUS fraud charges against his firm. He did not confirm talks, but mentioned them in a manner to suggest they might be ongoing.
  • General Growth Properties denied Simon Property Group’s offer to buy them out for $10 billion. It will instead ask the bankruptcy court to consider¬† merger with Brookfield Asset Management.
  • Here are 20 things you’ll need to survive when the economy crumbles and you’re stuck wandering the cold, dark streets alone. Welcome to the Thunderdome.
  • Watch yesterday’s market meltdown through the eyes of John Rambo. Hilarious video you’ve got to see.
  • The doomsayers are back! Meet the people who love this market turmoil.
  • Finally, Dun & Bradstreet are being sued by the FTC over their acquisition of Scholastic Corp. The FTC claims D&B will be creating an educational-marketing database monopoly.

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