Market Wrap: Fitch Warns on U.S. Banks; Pipeline Reversals Galore!; CPI Shows Drop in October; Rambus Loses

Market wrap-up for November 16th

End of the Day: Dow down 190.57 to 11,905.59; Nasdaq down 46.59 to 2,639.61; S&P 500 down 20.90 to 1,236.91

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

• U.S. and Europe connected at the hip: U.S. markets were flimsy all day, but fell into the close as Fitch Ratings published a report which highlighted that euro zone issued might pose a threat to the U.S. credit rating. Fitch mainly alluded to banks' exposure to European debt, and said the U.S. rating was under pressure if issues aren't resolved.
  
  
• Wait, what happens when you reverse the pipeline?: Crude oil ripped above $100 per barrel today, as Enbridge (NYSE: ENB) entered a deal to acquire a 50 percent stake in Seaway Pipeline from ConocoPhillips (NYSE: COP), and then reverse it's flow. The effort would clear up current bottlenecks experiences in the pipeline.
  
  Enbridge will pay $1.15 billion for the honors.
  
  
• Prices are down, unless it's education: CPI fell 0.1 percent last month, compared to a gain of 0.3 percent in September. Economists were expecting the number to be flat for the month. Excluding the more volatile food and fuel sectors, CPI rose 0.1 percent, the smallest gain so far during 2011.
  
  
• This was a tough one to watch: Rambus (Nasdaq: RMBS) reported the jury in its anti-trust case against Hynix Semiconductor and Micron Technology (NYSE: MU) has found in favor of the defendants. After press releases were issued by both Micron and Rambus, shares of Rambus plunged and then rebounded, ending the session down about 60 percent lower from an open at $18.04.
  
  
• Will Occupy Wall Street be a positive for nonfarm numbers?: According to reports, Citi (NYSE: C), BNP Paribas, and Bank of America (NYSE: BAC) are just a few of the financial institutions adding to the nearly 200,000 in job cuts in 2011 so far. The number surpasses 174,000 losses in 2009...as the breadth of the financial mess became more apparent. European concerns and economic data have lead to investors becoming more cautious and less risk tolerant, meaning revenue ar banks and other institutions is down.
  
  As a testament to this, venerable Wall Street icon Goldman Sachs (NYSE: GS) posted only its second quarterly loss since becoming a public company some 10 years ago.

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