Financial 411: Weekly Business Roundup
U.S. Trade Deficit Rises
The U.S. trade deficit fell to its lowest level in nine months, because of growing exports. The falling dollar and an increasing demand for American goods overseas pushed up exports to their highest level in more than two years. In October, the trade deficit stood at $38.7 billion. Sales of American-made machinery, farm products and autos fueled the growth in exports.
Markets
Investors focused on the encouraging trade news and pushed stocks higher today. The Dow Jones was up 40 points, closing at 11,410. The S&P 500 closed up seven points, at 1,240, and the Nasdaq gained 21 points, ending the day at 2,638.
NJ Man Convicted of Stealing Trading Technology
When it comes to trading on Wall Street, Sergey Aleynikov won't be doing so anytime soon. The New Jersey man accused of stealing high-speed trading technology from his former employer, Goldman Sachs, has been convicted. A jury found him guilty of stealing secret computer code from the bank, as he was leaving the firm to take new job with a rival. He could face up to 15 years in prison.
Business and Economic Roundup
This week, President Barack Obama announced a compromise with Congressional Republicans on taxes and unemployment benefits. Some local Democrats panned the deal Mayor Michael Bloomberg touted his chops as a fiscal manager, and said the rest of the country could learn something from New York. And Derek Jeter signed again with the New York Yankees.
Aaron Rutkoff, online editor for The Wall Street Journal's Greater New York section and the Metropolis blog, reviews this week's business and economic news.
