logo
  Join        Login             Stock Quote

Stocks End Higher On Hopes Of 'Cliff' Deal; Apple (AAPL) Rises

 December 31, 2012 04:46 PM
 


(By Balaseshan) U.S. stocks closed sharply higher on the last trading session of the year after hopes that an agreement will be reached to avert the looming "fiscal cliff".

The S&P 500 Index gained 1.31 percent to end at 1,420.86. The Dow Jones Industrial Average added 1.32 percent to finish at 13,108.50. The Nasdaq Composite Index rose 2.01 percent to close at 3,019.76.

President Barack Obama and U.S. House Speaker John Boehner negotiations to address the so-called "fiscal cliff" of roughly $600 billion in spending cuts and tax increases are edging towards agreement, according to media reports.

President Barack Obama delivered a statement on the budget negotiations, saying issues to resolve "fiscal deal" remain but expressed hope that the Congress will get it done.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

"Today, it appears that an agreement to prevent this New Year's tax hike is within sight, but it is not done," Obama said in a statement. "There are still issues left to resolve, but we're hopeful that Congress can get it done, but it's not done."

There were no U.S. economic data released on Monday. The stock markets will be shut on Tuesday for the New Year holiday.

Hot Stocks Of The Day: BMY, FB, AAPL, DUF, CALM

In corporate news, Bristol Myers Squibb Co. (NYSE: BMY) rose 1.76 percent in premarket after the U.S. Food and Drug Administration approved the anti-clotting drug Eliquis (apixaban). Eliquis is manufactured Bristol-Myers Squibb and marketed by BMS and Pfizer Inc. (NYSE: PFE).

[Related -Apple Inc. (NASDAQ:AAPL): Why Gross Margins Will Expand In 2014 and Beyond?]

 

Facebook Inc. (NASDAQ: FB) gained 2.62 percent. BMO Capital Markets has resumed coverage of Facebook with an "Outperform" rating, up from previous "Underperform" rating.

 

Apple Inc. (NASDAQ: AAPL) added 4.79 percent. Apple intends to launch an e-book service in Japan early January, according to Nikkei as quoted by the Fly on the Wall. In addition, rumors surfaced that Apple is developing an iWatch smartphone with Intel (NASDAQ: INTC) chip for 2013.

Duff & Phelps Corp. (NYSE: DUF) jumped 19.77 percent. The company has agreed to be bought by a consortium that includes The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group for $15.55 per share or about $665.5 million.

 

Cal-Maine Foods Inc. (NASDAQ: CALM) fell 9.08 percent. The producer of shell eggs reported a 38.6% drop in quarterly earnings due to higher costs for corn and soybean meal, primary feed ingredients, and additional expenses related to recent acquisitions.

Global Markets

European markets closed lower, with Germany's DAX down 0.57 percent, closing at 7,612.39. France's CAC40 fell 0.90 percent to finish at 3,641.07. The U.K.'s FTSE 100 dipped 0.47 percent to end at 5,897.81.

Asian markets ended mixed, with China's Shanghai Stock Exchange Composite Index up 1.61 percent to finish at 2,269.13. Hong Kong's Hang Seng Index fell 0.04 percent to end at 22,656.92. India's BSE Sensex ended at 19,426.71, up 0.09 percent. The Japanese market is shut for a holiday.

Commodity & Currency Scan

Crude oil futures gained 1.15 percent to $91.84 per barrel while natural gas futures fell 3.40 percent to $3.35 per million metric British thermal units. Gold futures added 1.13 percent to $1,675 per ounce and silver futures rose 1.62 percent to $30.47 per ounce.

In the currency market, the euro slid 0.17 percent against the U.S. dollar to 1.3194. The British pound gained 0.59 percent against the greenback to 1.6249, and the dollar added 0.92 percent against the Japanese yen to 86.7500.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

article imageGoogle Inc. (GOOGL) Q2 Earnings Preview: A Few Pennies Either Way Make a Big Difference.

Google Inc. (NASDAQ:GOOGL) will hold its quarterly conference call to discuss second quarter 2014 financial read on...

article image19 Companies That Could Beat Earnings and Pop on Price Next Week

Using iStock’s proprietary iEstimates model, we have identified 19 publicly traded companies that could read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.