Market Wrap-Up for Oct.4 (AXP, FCX, SLE, NEM, ABX, SNY, more)

The beginning of the trading week (and month, for that matter) got off to a rough start. Conventional wisdom states that the first couple of trading sessions in a new quarter can be strong because of fund inflows that get put to work in the market. There’s no such thing occurring today, however, continuing the trend from Friday, which also lacked buying sizzle. I saw a report recently from the Employee Benefit Research Institute that said as of 2009, Social Security accounted for almost half elderly women’s income, compared with just over a third for elderly men. The big thing I am taking out of this is the fact that the over-reliance on Social Security is a problem for many seniors. I hope that readers see this stat and that it encourages you to get started as soon as possible to building up a richer retirement nest egg. I am so looking forward to my book, “Be a Dividend Millionaire” to be released sometimes in the spring. It is a book dedicated for the men and women that are working their butts off and who can use a great template in how to get started building a wealthy retirement, with not much money required to get started. Back to today’s action, gold-mining plays were among the commodity sector names seeing red. Stocks like Newmont Mining ( NEM ) and Barrick Gold ( ABX ) pulled down, as did Freeport McMoran ( FCX ) – which was downgraded this morning by a Citigroup analyst. American Express ( AXP ) was sold heavily on news that the company’s merchant contracts may be in violation of U.S. antitrust laws, according to a suit just filed by the U.S. government. A couple of deal-rumored names made headlines earlier as pharma play Sanofi-Aventis ( SNY ) went with a hostile bid to acquire Genzyme ( GENZ ). Also, shares of Sara Lee ( SLE ) saw some action on speculation a private equity firm was sniffing

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Market Wrap-Up for Oct.4 (AXP, FCX, SLE, NEM, ABX, SNY, more)

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