Oct. 4 - Summary: Stocks close out week with gains; reports of Boehner-led debt ceiling compromise boosts confidence; Twitter IPO details talk of Wall St.; Investors belly up to Potbelly. Bobbi Rebell reports.
Stocks finally made some positive headway after a week of mainly losses- driven by the continued partial shutdown of the U.S. government. There was some investor confidence after newspaper reports said Republican House Speaker John Boehner told his party colleagues he would work to avoid a U.S. debt default by allowing a clean vote on the issue. But there are still a lot of worries about the economic impact of the uncertainty in D.C. Richmond Fed President Jeffrey Lacker: SOUNDBITE: JEFFREY LACKER, PRESIDENT, FEDERAL RESERVE BANK OF RICHMOND (ENGLISH) SAYING: "Federal Reserve policy actions cannot necessarily counteract the effects of fiscal policy uncertainty, declining productivity growth or structural changes in the labor department. And all of these now appear to be playing a role to some degree or another. " For the day all the major U.S. indexes were higher. But for the week the Dow lost ground but the Nasdaq managed a gain. And in Europe: shares rose led by banks as investors welcomed a more stable outlook in Italy- and bet the European Central bank would continue to support the regions financial sector. Twitter was the talk of Wall Street. Its official IPO filing showed revenue at the social networking company almost tripled in 2012. It's expected to go public in November- the ticker TWTR- the exchange though- still undecided. And the devil is in the details- Shares of Tweeter Home Entertainment soared more than 1-thousand percent! Yes- investors mixed it up with Twitter. A clear case for reading the fine print. Or even just the name of the company. Its ticker was TWTR- until a Q was added when it went bankrupt. The stock was mercifully halted by the middle of the day. On the Nasdaq- a delicious debut for Potbelly. Shares of the sandwich chain - which is backed by Starbucks CEO Howard Schultz, more than doubled from their IPO price of $14 a share.