The Traderszone Network

U.S. stocks closed lower on Friday in a broad consumer discretionary-led selloff after Visa and Amazon.com, a pair of closely watched bellwether names, reported disappointing results.

Wendy’s is taking another step toward trying to stand out from the fast-food burger pack, this time by testing an option that allows patrons to create their own sandwich from the ground up.

In its quarterly report filed on Thursday, Facebook said the regulator in May “notified us that it had terminated its inquiry and that no enforcement action had been recommended by the SEC.” Facebook shares began trading on May 18, 2012, but soon fell below their $38 per share offering price and had lost more than half their value by the middle of August, angering investors. Investors also complained they were not told just prior to the IPO that analysts at Facebook’s investment banks were cutting their forecasts after learning of the company’s internal projections for advertising revenue.

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U.S. stocks closed lower on Friday in a broad consumer discretionary-led selloff after Visa and Amazon, a pair of closely watched bellwether names, reported disappointing results. While the S&P 500 found support at its 14-day moving average, suggesting a recent positive trend in equities remains intact, the day’s decline was enough to erase the benchmark index’s gain for the week. Amazon.com Inc tumbled 9.6 percent to $324.01 as the biggest drag on the S&P 500 after reporting an unexpectedly big second-quarter loss due to greater expenses on investments.

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More families with higher incomes could claim the popular child tax credit under a bill that won approval Friday in the House.

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Today’s financial recap and tomorrow’s financial outlook.