Despite some nasty debate over the employment report released on Friday that showed the jobless rate dropped to 7.8 percent in September, the financial markets were little changed by the end of the day. The Dow Industrials did post a small gain -- and were up 1.26 percent for the week -- while the Nasdaq and S&P 500 both logged small declines. This week should be dominated by the start of third-quarter earnings reports. Most "experts" are expecting weak numbers but the bar has been set so low it might turn out to be a surprise. There’s not much in the way of other economic news.
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It was a year ago last Friday that Steve Jobs passed away from complications associated with pancreatic cancer and Apple is remembering the innovator on its website with an emotional two-minute video and a letter from CEO Tim Cook, who said the greatest tribute to Jobs would be to carry his legacy into the future. An article on the Wired website compared Jobs to Nikola Tesla and Henry Ford.
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Before you know it, Thanksgiving Day will be here and the holiday shopping season will be in full swing. A survey from SOASTA, a cloud and mobile testing service, says 51 percent of people will be shopping online this year and 71 percent believe there are better deals online than in the stores. Also, 53 percent say they are likely to shop on the Internet in order to save on the gasoline necessary to drive from one store to another. Proving online shoppers like to whine, the survey also found 31 percent said the bad economy will "bring out the crazy" in shoppers at physical stores and they would rather not have to associate with them.
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Whether it’s online or at traditional stores, Americans continue to step up their spending. The Federal Reserve reports consumer borrowing rose by $18.1 billion in August as people took advantage of car deals over the Labor Day weekend. When you add it all up, consumer debt -- not include mortgage obligations -- stands at a staggering $2.73 trillion.
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American Express and Wal-Mart -- an unlikely pairing -- are joining forces to provide "an alternative to debit and checking accounts designed to help consumers better manage and control their everyday finances." The program called Bluebird merges technology and financial services with little or no fees for the check deposit services using a smartphone. Additional services like purchase protection, roadside assistance and fraud protection are available for a fee.
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I've never consumed a Red Bull or any other energy drink but those who do will soon have a variety of flavors available. Red Bull says it will launch the power drink in cranberry, lime and blueberry this coming March, the first time the drink has been offered in flavors. This prompted me to ask what the flavor is of traditional Red Bull and no one was able to describe it.
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Speaking of Red Bull, the "Mission to the Edge of Space" sponsored by Red Bull has been delayed for a day. The mission that will take Felix Baumgartner up 23 miles in a helium balloon was schedule for today but has been reset for tomorrow morning at 5 a.m. Pacific time. Once the balloon reaches that height Baumgartner will step outside and begin an amazing plunge back to earth. Within seconds after the fall begins he will go supersonic, topping 700 miles per hour. While it will take two hours for the balloon to reach 23 miles above the Earth, it will only take seven minutes for the plunge to bring him back to terra firma. The event will take place at Roswell, N.M. Baumgartner has successfully practiced a jump from the 18-mile level. Good luck.
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