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LONDON (SHARECAST) - US stock markets finished flat on Friday as some better-than-expected economic growth data was offset by concerns about Hurricane Sandy.
The Dow finished down 1.8% on the week, the Nasdaq fell 0.6% and the S&P 500 closed 1.5% lower.
Hurricane Sandy, described by some as the worst storm in 100 years, is expected to reach the east coast of America by the end of the month and is estimated to cause insured losses of as much as $4.9bn. It could also affect trading at some of the major trading venues, such as New York.
Meanwhile, some disappointing earnings reports from heavyweights Apple and Amazon.com from the previous night continued to weigh on sentiment.
Third-quarter US gross domestic product (GDP) grew at an annualised rate of 2%, better than the previous quarter's reading of a 1.3% increase, according to the US Bureau of Economic Analysis. The figure topped the market consensus estimate of a 1.9% expansion.
Siddiqi said: "The US GDP data, although a pleasant surprise to the upside do still suggest the US recovery is weak and the labour market is slow so we would caution getting too excited about these just yet and would wait for further signals of growth such before turning optimistic on the US economy."
In other news, the University of Michigan's final reading on consumer confidence for the month of October came in at 82.6, a five-year high, versus a preliminary print of 83.1 and last month's 78.3. Expectations were for a reading of 83.
Bank of America hit by LIBOR probe
Bank of America was under the weather on reports that the bank, along with eight others, has received a subpoena from state officials as part of the wider probe into LIBOR manipulation, joining Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS, who are already under investigation.
Online travel agency Expedia surged after beating consensus estimates in the third quarter and raising its full-year outlook. Sector peer Priceline, which reports early next month, also gained.
Comcast, the largest US cable company and the majority owner of NBC, advanced after more than doubling its quarterly profits from $908m to $2.11bn.
Tyre manufacture Goodyear dropped after missing forecasts with a 32% fall in net income.
S&P 500 - Risers
DeVry Inc. (DV) $26.01 +24.93%
Expedia Inc. (EXPE) $59.06 +15.24%
Varian Medical Systems Inc. (VAR) $66.93 +15.20%
Netflix Inc. (NFLX) $69.58 +13.12%
Cerner Corp. (CERN) $77.37 +13.00%
Eastman Chemical Co. (EMN) $60.19 +12.19%
Cabot Oil & Gas Corp. (COG) $47.46 +9.99%
PerkinElmer Inc. (PKI) $31.29 +9.79%
Amazon.Com Inc. (AMZN) $238.24 +6.87%
Federated Investors Inc. (FII) $22.03 +6.48%
S&P 500 - Fallers
VeriSign Inc. (VRSN) $39.39 -15.47%
Dean Foods Co. (DF) $16.74 -10.91%
Goodyear Tire & Rubber Co. (GT) $11.02 -10.41%
CA Inc. (CA) $22.73 -8.71%
Cliffs Natural Resources Inc. (CLF) $36.49 -4.48%
Micron Technology Inc. (MU) $5.47 -3.87%
Hartford Financial Services Group Inc. (HIG) $21.71 -3.43%
Nabors Industries Ltd. (NBR) $13.68 -3.32%
Titanium Metals Corp. (TIE) $11.82 -3.19%
GameStop Corp. (GME) $23.00 -3.04%
Dow Jones I.A - Risers
Intel Corp. (INTC) $21.95 +1.20%
Microsoft Corp. (MSFT) $28.21 +1.18%
United Technologies Corp. (UTX) $78.20 +1.18%
Verizon Communications Inc. (VZ) $44.73 +1.08%
International Business Machines Corp. (IBM) $193.27 +0.87%
Caterpillar Inc. (CAT) $84.25 +0.86%
American Express Co. (AXP) $55.75 +0.56%
Cisco Systems Inc. (CSCO) $17.29 +0.52%
Mondelez International Inc. (MDLZ) $26.60 +0.49%
AT&T Inc. (T) $34.63 +0.38%
Dow Jones I.A - Fallers
Bank of America Corp. (BAC) $9.12 -1.30%
JP Morgan Chase & Co. (JPM) $41.16 -1.22%
Alcoa Inc. (AA) $8.65 -0.92%
Procter & Gamble Co. (PG) $69.44 -0.90%
Travelers Company Inc. (TRV) $71.56 -0.78%
Home Depot Inc. (HD) $60.04 -0.73%
McDonald's Corp. (MCD) $86.71 -0.71%
General Electric Co. (GE) $21.11 -0.71%
Hewlett-Packard Co. (HPQ) $14.09 -0.70%
Pfizer Inc. (PFE) $25.43 -0.70%
Nasdaq 100 - Risers
Expedia Inc. (EXPE) $59.06 +15.24%
Netflix Inc. (NFLX) $69.58 +13.12%
Cerner Corp. (CERN) $77.37 +13.00%
Amazon.Com Inc. (AMZN) $238.24 +6.87%
Sears Holdings Corp. (SHLD) $66.66 +5.94%
Maxim Integrated Products Inc. (MXIM) $27.77 +4.83%
Priceline.Com Inc. (PCLN) $579.46 +3.87%
Comcast Corp. (CMCSA) $37.56 +3.30%
Texas Instruments Inc (TXN) $28.92 +2.81%
QUALCOMM Inc. (QCOM) $59.04 +2.80%
Nasdaq 100 - Fallers
VeriSign Inc. (VRSN) $39.39 -15.47%
CA Inc. (CA) $22.73 -8.71%
Micron Technology Inc. (MU) $5.47 -3.87%
Monster Beverage Corp (MNST) $45.86 -2.61%
Electronic Arts Inc. (EA) $11.91 -2.46%
Activision Blizzard Inc. (ATVI) $10.79 -2.44%
Flextronics International Ltd. (FLEX) $5.66 -2.41%
Check Point Software Technologies Ltd. (CHKP) $44.27 -2.27%
Cognizant Technology Solutions Corp. (CTSH) $66.73 -2.11%
Warner Chilcott Plc (WCRX) $11.76 -2.00%
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