Market Wrap: Debate Loses Attention; Spain Sets 'Bad Bank' Limit; Watch Out for More Houses Popping Up!; Armstrong's Fallout


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October 17, 2012 5:37 PM EDT Send to a Friend
Market wrap-up for October 17th

End of the Day: S&P 500 up 6.0 to 1,460.91; Dow Jones up 5.2 ot 13,557.00; Nasdaq up 3.0 to 3,104.12

The following is a brief summary of events moving markets today:
  • Elections! Wait, didn't they have a debate yesterday or something?: According to Nielsen data, the second Presidential debate found a lighter audience. The firm said that viewership dropped about 9 percent from the first meeting, with broadcast networks averaging 39.5 million viewers and cable news outlets averaging 21.7 million.

  • Now go sit in a corner and think about your loose lending practices!: Spain is said to have limited sour real estate assets in its newly-formed 'bad bank' to just €90 billion. Officials think that the final transfer figure will be well below that limit.

    The financial institution was set up to shield lenders from assets that consume capital while providing little in return. With Spain still mired in debt obligations, creating a positive lending environment is imperative to spurring growth in the region.

  • Tag, you're it!: After the market closed Wednesday, Verizon Communications Inc. (NYSE: VZ) said it entered into an agreement with The Prudential Insurance Company of America (NYSE: PRU) pursuant to which the Verizon Management Pension Plan will transfer pension assets to Prudential to settle approximately $7.5 billion of Verizon's nearly $30 billion in outstanding pension obligations.

    Shares are notably flat in late trading amid the news. For more color on the transfer, click here.

  • Build on: Homebuilders got a boost Wednesday as building permits and housing starts came in better-than-expected for September. Data shows building permits were 894,000 in the month, versus the consensus of 810,000 permits. Housing starts were 872,000, versus expectations of 770,000 starts.

  • RadioShack was the big loss: Legendary cyclist Lance Armstrong has been dropped by sponsors Nike (NYSE: NKE) and RadioShack (NYSE: RSH) in connection with doping allegations which have heated up in recent weeks. Armstrong is also going to leave his LIVESTRONG foundation, though Nike pledged to keep supporting the foundation.

    Of course, the most interesting face comes from the WSJ, which quoted Davie-Brown Entertainment in saying, "[In June 2008] Mr. Armstrong was ranked as the 60th most effective product spokesperson, on par with folks such as swimmer Michael Phelps and actor Brad Pitt. As of September, Mr. Armstrong ranked 1,410th, putting him alongside rapper Nicky Minaj and actor Jeff Goldblum."

  • Next time, use pencil instead of crayon: A man -- who briefly forgot it was 2012 and you're essentially tracked everywhere you go -- was arrested today following a sting operation by the Federal Bureau of Investigation (FBI) in connection with a plot to bomb the New York Federal Reserve. We're not sure whether or not he was hoping to send stacks of cash flying all over the place, but we can say for sure and for certain that close to zero physical bills, coins, and gold are located on the NY Fed premises.
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