This Week's Market Wrap Up from Financial Buzz LIVE from the NYSE - Market News | Financial Buzz

This Week’s Market Wrap Up from Financial Buzz LIVE from the NYSE

December 2nd, 2013 – December 6th, 2013

Welcome to Financial Buzz Market Weekly, here at the New York Stock Exchange, bringing you a review of this week’s stock market.

The mood this week on Wall Street was one of nervous nail-biting. Recent run-ups in the market finally came to pause as some solid economic numbers caused concern that the Fed will finally start to taper its bond purchases.

Among the numerous reports issued this week, the ISM Manufacturing Index came in at 57.3, up from October’s 56.4.  This greatly exceeded analyst’s expectations and pointed to the strongest month in manufacturing in 2.5 years.  The new home sales reports also made big news.  Both September and October were released simultaneously due to the earlier government shutdown.

September showed a 6.6% drop in new home sales, however, October sales surged 25.4 percent, the largest jump in more than 30 years.  Analysts, however, are already suggesting these numbers are unlikely to be as good as they seem, due to recent downward revisions that will probably come by next month.  

The GDP for the 3rdquarter also came in higher than expected at 3.6%, mostly due to higher inventory growth.  Initial jobless claims came in at 298,000 for the week ending November 30, the second lowest level since the recovery began. And finally, the government’s employment report came out Friday, showing nonfarm payrolls grew more than expected with 203,000 jobs added. In addition, the unemployment rate fell to 7%.

Now let’s take a look at some stocks.

Apple (NASDAQ: AAPL) acquired Topsy, one of Twitter’s (NYSE: TWTR) partners who analyzes Twitter posts to help identify trends, influential Twitter users, and effectiveness of campaigns on Twitter’s platform.   Apple paid over $200 million for the company, but didn’t reveal what motivated the purchase.

Gogo Inc. (NASDAQ: GOGO) a leading provider of in-flight internet connectivity and entertainment, received a supplemental type certificate allowing them to install their Ku-satellite technology onto Boeing 747-400 aircrafts,giving passengers access to internet and GOGO entertainment services.

ARCA biopharma (NASDAQ: ABIO), a developer of genetically targeted therapies for cardiovascular diseases, has received approval by the FDA to begin human clinical trials of their drug,  Gencaro, intended to treat atrial fibrillation. Enrollment is expected to begin by Q1 of 2014.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS) received their 501(k) clearance from the US FDA for their Microcyn® Scar Management Hydrogel, intended for use managing old and new hypertrophic and keloid scarring from burns, general surgical procedures and trauma wounds.

And finally, Ingersoll-Rand (NYSE: IR) announced this week they have completed the spinoff of their commercial and residential security businesses, dubbed Allegion. Allegion is now a publicly traded company providing security solutions for homes and businesses.