The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's U.S. presidential election. Bobbi Rebell reports.
Tensions continuing to roil the U.S. financial markets just days ahead of the U.S. presidential election. The major indices extending their losing streak to an eighth day. Getting past the election will make a big difference according to Kevin Kelly of Recon Capital: SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL, (ENGLISH) SAYING: "I think there will be stability in the market if you have whoever wins the electoral college wins the popular vote as well, and it is not as close as anticipated. I think that will lend a lot of credence into the market, because it will be a unified government taking over the White House, the executive branch." Adding to the downward pressure: Facebook. The stock taking a hit a day after the social media giant warned that revenue growth would slow this quarter. Wells Fargo says its litigation costs could rise by as much a $1.7 billion more than what is has already earmarked. The company is under investigation for its sales tactics including opening millions of unauthorized accounts. American International Group, or AIG, shares dropped after the insurer's quarterly profit missed expectations The U.S. services sector cooled in October because of a slowdown in new orders and hiring. Other economic data showed planned job cuts by U.S. based employers dropped 31 percent to a five-month low last month. Turning to Europe, once again red across the board despite some encouraging corporate results especially from euro zone banks.