Apple’s Strong iPhone Sales and Boehner’s Fiscal Plan B Fails: Market Recap

The markets closed down Friday on Wall Street, following more gridlock in the fiscal cliff discussions:

At the close: DJIA: -0.91%, S&P 500: -0.94%, Nasdaq: -0.96%.

On the commodities front, Oil (NYSE:USO) dropped 1.41 percent to $88.86 per barrel. Precious metals were up, with Gold (NYSE:GLD) climbing 0.66 percent to $1,656.80 per ounce, and Silver (NYSE:SLV) climbing 1.25 percent to $30.06 per ounce at the bell.

Here’s your Cheat Sheet to Friday’s top stock stories:

Will This Data Keep the Bears at Bay? Kantar Worldpanel ComTech released data showing that Apple Inc. (NASDAQ:AAPL) achieved its highest share of U.S. smartphone sales ever, taking 53.3 percent of the smartphone market for the 12 weeks ended November 25. This is the first time that Apple has passed the 50 percent share mark, but investors and observers know that a string of analysts have come out recently with what many consider unusual calls on Apple… (Read more.)

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General Electric Company (NYSE:GE) announced that it would acquire the aviation business from Avio S.p.A. for 3.3 billion euros ($4.3 billion), a price multiple of about 8.5x based on estimated 2012 earnings… (Read more.)

Consumer Confidence Takes Another Plunge: Despite a better-than-expected November unemployment report and recent positive signs in the housing industry, consumer confidence in the United States plummeted in December to its lowest level in five months. The final reading on the Thomson Reuters/University of Michigan’s index on consumer sentiment fell to 72.9 this month, compared to 82.7 in November. It was the lowest reading since July and worse than the preliminary figure of 74.5 released earlier in December. In comparison, consumer sentiment hit a 5-year high in November… (Read more.)

Here’s the Future of Mobile Apps: There is no denying that the world is moving towards the mobile industry in droves. Earlier this year, the number of worldwide smartphone users crossed an unprecedented record of 1 billion. The rise of applications in devices have ushered in new business opportunities across the board. Now, consumer brands are looking to cash in on the digital growth… (Read more.)

Don’t Panic, It’s Only Improbable: On Thursday evening, the House of Representatives cancelled their vote on Speaker John Boehner’s (R-Ohio) “Plan B” solution to the fiscal cliff. Boehner was unable to gather the necessary support from his party because of the tax rate increase on Americans earning over $1 million per year that was part of the proposal, leaving market participants to sit on their hands while Washington gropes about for another solution… (Read more.)

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