Market Wrap: No Apple News; Europe Finally Union-ing; The Bernank Sez How it Is; Can't Spell Ford without UAW!

Market wrap-up for October 4th.

End of the Day: Dow Jones up 153 to 10,808.71; Nasdaq up 68.99 to 2,404.82; S&P 500 up 24.72 to 1,123.95

The following is a brief summary of events moving markets today:

• No Apple (Nasdaq: AAPL) iPhone 5: The company instead unveiled the iPhone 4S.
  
  
• Come together, right now...: Morgan Stanley (NYSE: MS) mounted a late-day surge, closing over 12 percent higher, on reports European Union finance ministers are looking at options on how to recapitalize banks. With Morgan Stanley, as well as other U.S. institutions, having sizable exposure to the PIIGS would affect global capital markets significantly.
  
  
• Jeez, Europeans are starting to sound like U.S. politicians: Stocks rallied to an impressive close, running 4.1 percent in the final hour to end notably in positive territory stemming in part from the aforementioned story. The Financial Times quoted European Commissioner of Economic Affairs Olli Rehn as saying there is an increasingly shared view amongst finance ministers that a coordinated effort needs to be undertaken to recap banks and halt the financial crisis.
  
  
• The Bernank strikes again: Fed Chair Ben Bernanke pointed the finger at the White House and Congress today, saying that although the Fed could take action, fostering economic growth is a "shared responsibility of all economic policy makers, in close cooperation with the private sector."
  
  Areas in which Bernanke suggested the the government could help included labor markets, housing, trade, taxation, and regulation, as just a few examples.
  
  No questions about the Obama jobs plan were asked.
  
  
• Step 3 - Profit!: Sprint (NYSE: S) was confirmed to carry the new iPhone 4S today.
  
  
• Continuing the 'cooperation' theme today: Ford Motor Co. (NYSE: F) reached a tentative deal with the UAW in labor talks. Initial reports have Ford investing $16 billion in the U.S., with $6.2 billion of that on updating plants, over the next 4 years. Ford will also hire 12,000 workers. Further detail about the agreement will be released when the contract is finalized.

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