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Monday, November 15, 2010

Market Close Wrap-Up: November 15, 2010

Market Close Wrap-Up: November 15, 2010

"The major U.S. equity indices closed mixed Monday.

In the headlines today...Republican economists attacked the Federal Reserve's plan to stimulate the economy. The central bank announced last week it's decision to purchase $600 billion in Treasury bonds.

The economists wrote in a letter that this action risks ""currency debasement and inflation, and we do not think [it] will achieve the Fed's objective of promoting employment.""

In economic news, the Commerce Department reported that retail sales jumped 1.2% during October - the largest upturn since March.

However, excluding automobiles, sales increased by 0.4%.

In corporate news, EMC Corp. (NYSE:EMC) purchased software design firm Isilon Systems, Inc. (NASDAQ:ISLN) in a $2.25 billion cash deal.

Lowe's (NYSE:LOW) reported Q3 earnings of $0.31 per share, coming in one penny ahead of consensus. The retailer posted revenue of $11.6 billion, which missed consensus of $11.75 billion.

And..BHP Billiton Ltd. (NYSE:BHP) retracted its bid for Potash Corp. (NYSE:POT). The company instead reinstated its share repurchase program worth $4.2 billion.

Taking a look at how the major U.S. indices closed on Monday...The Dow Jones Industrial Average (DJI) closed slightly higher by a fraction of a percent at 11,202, the S&P500 (INX) closed slightly lower at 1,198, and the Nasdaq Composite (IXIC) closed near two-tenths of a percent lower at 2,514."

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