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Daily Scan: Stocks end week with gains; Goldman fires analysts for cheating

By Nexchange
Capital Markets

October 16

Good evening. Stock rose Friday, ending the week on a positive note for the third straight week. The Dow grew 0.4% Friday. The Nasdaq added 0.3% and the S&P 500 gained 0.5%. Stock options expired today in the U.S., which normally spells a fall for stocks. Earnings season has kicked off with rocky results, but don't seem to be quite as disappointing as anticipated. European stocks also rose with the Stoxx Europe gaining 0.6%.

Here’s what else you need to know:

Goldman Sachs fires cheating analysts. About 20 analysts have been fired from Goldman's New York and London offices for cheating on internal tests. The tests are firm specific, and not regulatory exams. CNN

Trump suggests Bush could have stopped 9/11. Presidential candidate Donald Trump suggested Friday that former President George Bush failed to stop terrorist attacks. "When you talk about George Bush, I mean, say what you want. The World Trade Center came down during his time," he said. Needless to say, Trump's 2016 rival and Bush brother Jeb responded with disgust. New York Times

United CEO hospitalized. The 56-year-old Oscar Munoz was named CEO of the airline last month. The airline did not confirm whether Munoz had suffered a heart attack, as rumored, but the stock fell 3.1% Friday with the news. Reuters

FIFA is at it again. A new report shows that Germany likely only hosted the 2006 World Cup because of bribes. The report alleges that four FIFA execs were paid for their votes, and that FIFA helped launder the money. DeadSpin

U.S. industrial production drops. Industrial production fell in September for the second straight month, dropping 0.2%, as expected. The August decline was revised to a 0.1% fall. CNBC

JOLTS report shows job openings down. The quits rate has held steady at 1.9% for the fifth consecutive month. Job openings in August were at 5.6 million, down from the adjusted 5.67 million in July. Business Insider

GE surprises with better-than-expected earnings. Boosted by better aviation and transportation earnings, General Electric reported a profit of $2.51 billion, or 25 cents a share, last quarter. Excluding the finance business, which GE is moving to cut, the company had revenue of $27.9 billion, on a profit of 29 cents a share. Wall Street Journal

Theranos backs away from much vaunted "nanotainer" tests. After an inspection by the Federal Drug Administration, the hot startup (company valuation $9 billion) is now able to use the assay to test just one condition -- not the 100 originally publicized.

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