Apple’s iPad Mini, BofA Boasts, Nokia’s New Phone: Market Recap

Markets closed down Tuesday on Wall Street:

S&P 500: -1.44%Nasdaq: -0.88%Dow: -1.82%Gold: -1.11%Oil: -2.61%.

On the commodities front, Oil (NYSE:USO) fell to $86.34 per barrel. Precious metals were down, with Gold (NYSE:GLD) falling to $1,707.30 per ounce, and Silver (NYSE:SLV) dropping to $31.65.

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

Apple (NASDAQ:AAPL) pulled the covers off its smaller tablet on Tuesday, calling it the iPad mini and taking the market share fight right to its Google(NASDAQ:GOOG) Android rivals.

The iPad mini sports a 7.9-inch screen and is priced between $329 and $659 for various storage and connectivity specifications. The 1024X768 pixel display resolution of the new tablet is the same as that on the second generation of the company’s full-fledged iPad. The LTE-equipped mini tablet features the A5 processor of the iPhone 4S, the new Lightening dock connector, a 5MP iSight back camera, a high-definition FaceTime camera, and at 0.68 pounds, is 53 percent lighter than the 9.7-inch iPad.

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Facebook (NASDAQ:FB) released its earnings after the bell. Results are positive and investors seem happy, with shares up as much as 8.4 percent in after-hours trading.

Bank of America (NYSE:BAC) Chief Executive Brian T. Moynihan had one clearly established, oft-repeated goal since the day he took over the bank in January 2010 – to achieve what he termed a “fortress balance sheet.” Last week, in a staff meeting broadcast company-wide, Moynihan proudly announced that Bank of America had realized that goal, and was now equipped with the “top capital” of all the big banks.

If Santa has been keeping up with his Newsfeed, he’s bound to notice the recent influx of holiday shoppers and wish-list-makers that are now following Wal-Mart (NYSE:WMT) on Facebook. As a result of its push to increase the retailer’s digital presence, Wal-Mart now has a staggering 23.5 million Facebook fans, the largest fan base in the United States, and wants to leverage that social popularity into higher holiday sales.

With drastically less fanfare than Apple, Nokia (NYSE:NOK) introduced its new Lumia 510, a budget smartphone with a 4-inch screen that will be sold in emerging markets. The Lumia 510 will roll out in markets like India, China, South America, and Asia in November, and will hope to compete with similar low-priced Android phones that have enjoyed considerable recent success, particularly in Asia.

Don’t Miss: Nokia Unveiled This New Phone, in Case You Didn’t Notice.