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MarketWatch for Tuesday, October 8, 2013

If you're keeping on top of the stock markets this morning, Tuesday, October 8, 2013...
If you're keeping on top of the stock markets this morning,  Tuesday, October 8, 2013...

The Nikkei is up 41 points today in Tokyo.
The ongoing gridlock in Washington continues to drag stocks down.
On Wall Street, the Dow took another hit Monday, dropping 136 points to close below 15,000.
And the Nasdaq lost 37.

Earnings season gets underway today on Wall Street. The aluminum company Alcoa is the first Dow stock to release earnings after the closing bell. We'll also hear from Yum brands... the owner of KFC, Pizza Hut and Taco Bell.

Consumer borrowing jumped to a record $3 trillion in August as Americans took out more loans for cars and college. But for the third month in a row, Americans held back on their credit card use. Economists say it's a sign that consumers are still cautious about their spending.

Bernard Madoff's secretary is headed to trial today along with four other former employees of the disgraced financier. Madoff has always insisted he acted alone and is currently serving a 150 year prison sentence for orchestrating a multi-billion-dollar Ponzi scheme.  Prosecutors will try to prove these five former employees not only helped cover up the fraud, but benefited from it.

Three big-box retailers are in an iPhone price war. Walmart is selling the 5c model for $45 after Best Buy and Radio Shack announced they would sell the smartphones for $50 -- about half the suggested retail price.


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