Stocks Finish Higher On Optimism Over ‘Fiscal Cliff’ – Acadiana Business Index
- The Dow added more than 45 points to close at 12588. United Health gained 65 cents to $51.90 and Alcoa rose 13 cents to $8.18 to pace the advance by blue chip index. The S&P 500 gained 6 points to 1359. The NASDAQ climbed 16 points to 2853.
- The major averages ended the session in positive territory amid optimism surrounding Friday’s initial meeting between President Obama and Congressional leaders to discuss the fiscal cliff.
- The market opened lower following data that showed industrial production unexpectedly fell 0.4% and capacity utilization declined to 77.8% in October.
- Nine of 10 sectors were up on the session. Utilities were the best performing group with Duke Energy up $1.03 to $60.90. Telecom was the worst performing sector. Verizon declined 30 cents to $41.40. On the earnings front, Gap rose 33 cents to $33.59 after posting better-than-expected quarterly results and increased its full year outlook. However, Dell fell 73 cents to $8.83 as the PC maker’s profits fell short of expectations.
- Breadth was positive on issues by 20-7 on the NYSE and by 13-9 on the NASDAQ. NYSE Composite volume totaled more than 3.9 billion shares.
- The 10-year note rose 1/16 to yield 1.58%.
- Despite Friday’s gains, the major averages finished lower on the week. The Dow and NASDAQ both declined 1.8% while the S&P 500 lost 1.5%.
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