May 1 - Summary of business headlines: Wall Street suffers it biggest fall in two weeks as the Fed holds steady with its bond-buying program in the face of a string of weaker economic data. Facebook revenues jump but earnings miss by a penny per share. Conway G. Gittens reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL This economy is like a see-saw.. up by one indicator, down by another. Markets are following that gyration, with Wall Street taking its biggest plunge in two weeks. More on the economy in a few seconds, but first, Facebook revenues jumped 38 percent thanks to growth in the mobile ad business. Earnings-per-share missed by a penny. Back to the economy now, The April ADP survey shows private employers added the smallest number of jobs in seven months. Growth in the manufacturing sector slowed last month and is on the brink of contracting, according to the Institute for Supply Management. The Commerce Department says construction spending dropped to its lowest since August... And domestic auto sales slowed to a six-month low. The data come as the Federal Reserve wrapped up a two-day meeting. Policymakers indicated they could tweak their $85 billion-a-month bond buying program up or down in the future depending on the economy. And here's more economic insight: MasterCard sales were held back by a sharp drop in U.S. credit card activity. Quarterly card activity in the U.S. - down significantly at Visa as well. More earnings: Big media conglomerates like Viacom, Comcast, and Time Warner all beating profit forecasts but missing sales expectations as cable and TV ad revenues mostly disappoint. T-Mobile U.S.A. is officially trading on the New York Stock Exchange, following its merger with Metro PCS. CEO John Legere is not opposed to another wireless deal. SOUNDBITE: JOHN LEGERE, CEO, T-MOBILE USA (ENGLISH) SAYING: "Is there possibility for us to do things highly innovative to accelerate the consolidation in this industry? At some point, yes. But right now - execute this deal, expand Metro, focus on the "un-carrier", get this stock growing very strongly, reward shareholders and from that point - I'd be willing to talk to just about anybody if it serves our customers better." T-Mobile is a unit of Germany's Deutsche Telekom. And wrapping up this very busy day with Europe, stocks were mixed, waiting for Thursday's rate decisions.