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Mid-Term Elections Makes Wall Street Edgy

|Includes: Microsoft Corporation (MSFT)

US stocks ended nearly unchanged on Friday, as investors remained jittery over the prospects of the economy and chose to stay on the sidelines ahead of next week's mid-term congressional elections and the all-important policy meeting of the Federal Reserve.

The government reported that GDP rose at an annual rate of 2% in the third quarter, slightly higher than the 1.7% rate in the prior three months and in line with the consensus estimates. However, the GDP report is unlikely to diminish the chance of another round of quantitative easing by the Fed.

Shares of Microsoft edged up more than 1.5% and were among the best performers in the Dow.

Sony reported a third-quarter net income of $375 million, driven by higher sales and cost cutting. The Japanese electronics maker also raised its income forecast for the rest of the year, despite the expectation of a continued difficult business environment.

Monster Worldwide shares soared 26%. The employment website operator reported stronger-than-forecast bookings in its third quarter, leading the company to narrow its loss projection for the year.

However, the overall market is still edgy and there are speculations of the market turning either ways in the next few days.


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