In today's papers - we look at Egypt's deadly football violence, the leaked NATO report saying Pakistan still backs the Taliban, and the backlash against what some see as Facebook's over-valuation.
Apple overtook ExxonMobil once again to become the largest US company in market capitalisation Wednesday after its share price skyrocketed on quarterly gains. Apple shares were up 6.83% to $449.12 in early Wall Street trading.
After three months of wrangling, the US congressional "super committee" charged with finding $1.2 trillion worth of spending cuts announced that they have failed to reach a deal. While Democrats and Republicans point the finger of blame at each other, others worry about the consequences for the debt-laden US economy.
Global stocks plunged Wednesday after Italian bond yields soared to 7% on debt fears and on the ongoing eurozone crisis. The S&P 500 lost 3.7 percent, its biggest one-day drop since August, while the Dow Jones industrial average fell 389 points.
Bank of America will shed about 30,000 jobs over the next five years in a bid to save $5 billion per year, the bank's CEO disclosed in an address to investors. The bank's stock has lost half of its value this year.
The US market closed more than 2 percent higher on Wednesday, reversing three days of losses. European markets also rallied after a German court green-lighted Berlin's participation in eurozone bailouts.
US stocks opened down more than 2 percent on Tuesday and European markets were in the red amid investor fears over the eurozone's sovereign debt crisis and the possibility that the United States is heading toward another recession.
US markets reversed a four-week decline Monday, shooting up one percent at the open Monday. The news that Muammar Gaddafi’s regime is close to collapse has boosted market sentiment across the board.
For two weeks, the stock market has acted like a yo-yo with it climbing and falling - sometimes on nothing stronger then then a rumour. Add to that mix the practice of short-selling and it's a recipe for market volatility. But not everyone feels the pinch when the markets drop - many hedge funds have made billions in the past week.
US markets closed higher on Friday, ending one of the most volatile weeks in Wall Street's recent history. The Dow Jones industrial average finished up 1.1 percent, while the S&P 500 rose 0.5 percent and the Nasdaq 0.6 percent.
