There were no economic data points today of any consequence, but reports pick up towards the end of this week. The government will release the delayed October Jobs report on Friday, where it is expected that employers added 100,000 jobs. The Unemployment Rate is estimated to tick up slightly to 7.3% from 7.2%.
Due to a slowdown in the mortgage business, the muddling economy and the surge in online banking, financial firms across the U.S. have announced cutting tens of thousands of jobs since the beginning of the year. Outplacement firm Challenger, Gray & Christmas said that 49,000 workers have been let go or will be laid off in the near future. In just September and August, there were 13,100 layoffs announced.
The long awaited Initial Public Offering (IPO) of Twitter will debut this week as the company intends to raise between $1.6 billion to $1.8 billion when the Stock opens for trading. The price is now set between $23 and $25 a share, up from $17 to $20 previously. Twitter will sell 70 million shares in its IPO and will value the company at around $12.8 billion to $13.9 billion. The shares are expected to trade for the first time on Thursday.
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