The Market: November 4, 2011

The Market: November 4, 2011

It’s been a week of contrasts.

We started off badly: Markets worldwide were tossed into chaos upon news that Greece might not even accept the bailout package that European politicians put together after tortured negotiations last week. By midweek, some good: Stocks had rebounded, and the Federal Reserve decided to hold off on any new policy changes.

Bad for the country: New numbers show that 15% of Americans are on food stamps. Good for regular people: Bank of America decided to rescind its $5 debit card fees after heated backlash from customers, and many other banks decided to ditch their similar fees, too.

Bad: MF Global, a major financial brokerage, just experienced the eight-largest bankruptcy in U.S. history—and in the process, it’s come out that about $700 million in client money is missing. The FBI is getting involved. Good: Private companies added more jobs in October than expected, and job data suggests that the labor market may be improving.

On that note, we bring you our rundown of the major headlines from this week, with the crucial info you need to know.

Crazy Things Going Down in Greece

After tense negotiations, countries like Germany and France finally settled on a Greek bailout deal. So why was the Greek government considering rejecting it?

Bank of America Backtracks on Annoying $5 Fee

The public outcry against Bank of America’s new debit card fee was massive enough that the financial giant reversed its decision. Here are the details.

15% of U.S. Is on Food Stamps

Three in 20 Americans are living on food stamps. Is this fraud or legitimate poverty?

Groupon Leading the Pack in Going Public

The daily deal giant’s initial public offering is here. Read on for what an IPO is, how it works and what other companies are set to go public.

Image credit: Flickr/famrust


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