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Stocks lower on new probe of Clinton emails

Friday, October 28, 2016 - 01:37

Stocks lost ground as word surfaced that the FBI would restart a probe into Hillary Clinton's emails. Jeanne Yurman reports.

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Stocks lost some ground Friday in volatile trading after the FBI said it would restart its probe into Hillary Clinton's emails. For the week, the S&P and Nasdaq closed lower. The Dow eked out a gain. The U.S. economy expanded at its fastest pace in two years. Gross domestic product, or GDP, grew at a 2.9 percent annual rate in the third quarter, helped by a surge in exports. The report and its details still leave unclear whether the Fed will hike the low interest rates which have bee benefitting the stock market, says Max Wolff of 55 Capital Partners. (SOUNDBITE) MAX WOLFF, MARKET STRATEGIST, 55 CAPITAL PARTNERS, (ENGLISH) SAYING: "A good number, but not a great one, in a market where the question on everyone's mind really moving everything these days is how much longer do we get quantitative easing, like largesse from global central banks and, particularly, the U.S. Federal Reserve, as we anticipate rate hikes coming this year, next year." A drop in crude prices still squeezing oil companies. Exxon Mobil reported the eighth straight profit decline last quarter. Cost cutting at Chevron, however, helped the oil giant reverse a year-ago loss and beat forecasts. MasterCard, the world's number two payments processor's quarterly profits jumped more than 21 percent on increased transactions. And AutoNation, the nation's largest dealership group for new cars, plans to open stand-alone used-car stores to compete with CarMax starting next year. In Europe, stocks closed slightly mixed slipping into the red this month on weak earnings.

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Stocks lower on new probe of Clinton emails

Friday, October 28, 2016 - 01:37