Consumer Spending Drops, BP Receives U.S. Ban: Weekly Market Recap

Here’s your Cheat Sheet to the top market moving headlines of the week:

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The markets were mixed on Monday on Wall Street:

S&P 500: -0.20%Nasdaq: +0.33%Dow: -0.33%.

On the commodities front, Oil (NYSE:USO) dropped 0.56 percent to $87.79 per barrel. Precious metals were mixed, with Gold (NYSE:GLD) falling 0.13 percent to $1,749.10 per ounce, and Silver (NYSE:SLV) climbing 0.01 percent to $34.21 per ounce about 20 minutes after the bell.

Here’s your Cheat Sheet to today’s top stock storiesWarren Buffett finds value.

Investing legend Warren Buffett raised some eyebrows on Monday when he proposed an even higher minimum tax rate for America’s most wealthy citizens. The man behind the massively successful Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) suggests that those earning over $10 million per year pay a minimum of 35 percent tax on income earned after that point. (Read more.)

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GlaxoSmithKline (NYSE:GSK) has announced it will increase its stake in India’s GlaxoSmithKline Consumer Healthcare from 43.2 percent to 75 percent and raise the company’s stake in its Nigerian consumer products unit from 46.4 percent to 80 percent. The transactions will cost the drug manufacturer more than $1 billion. Shares closed down 1.02 percent. (Read more.)

Shares of Facebook (NASDAQ:FB) closed up 8.3 percent after upgrades from analysts at BTIG and Bernstein Research. Analysts see revenue increasing because of a more effective and stable advertising platform. (Read more.)

With the fiscal cliff’s tax increases and spending cuts approaching, President Obama’s White House has compiled economic data that shows how large an impact the tax hikes will have on middle-class consumers. According to the report released on Monday by the National Economic Council and Council of Economic Advisers, consumers will spend $200 billion less in 2013 if Congress allows middle-class taxes to rise. (Read more.)

Euro zone finance ministers are starting their third attempt on Monday to resolve differences between creditor countries like Germany and the International Monetary Fund over the release of emergency aid for Greece. While ministers expressed confidence ahead of the meeting about being able to reach a joint position, the conversation in Brussels may be fairly contentious. (Read more.)