The markets turned around early gains to close down on Monday. Wall Street reacted negatively to the November ISM Manufacturing Report and continued political gamesmanship regarding the fiscal cliff discussions.
Dow: -0.46%, S&P 500: -0.47%, Nasdaq: -0.27%.
On the commodities front, Oil (NYSE:USO) rose 0.17 percent to $89.06 per barrel. Precious metals were also up, with Gold (NYSE:GLD) climbing 0.30 percent to $1,717.80 per ounce, and Silver (NYSE:SLV) climbing 1.28 percent to $33.71 per ounce about 10 minutes after the bell.
Shares of Dell (NASDAQ:DELL) closed up 4.36 percent after landing an upgrade from analysts at Goldman Sachs, who moved their rating straight from “Sell” to “Buy” with a $13 per-share price target.
A New Deal for Delta: According to a report released by Reuters on Monday, Singapore Airlines is preparing to sell its 49 percent stake in the British carrier Virgin Atlantic. Sources have said that Delta Air Lines (NYSE:DAL) may be interested in the deal as it will give the carrier more landing slots at London’s busy Heathrow Airport… (Read more.)
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Will a Bond Buyback Help Greece? Following last week’s negotiations between the euro zone and the International Monetary Fund, Greece announced that it would spend 10 billion euros, or $13 billion, in a heavily-discounted bond buyback program aimed at reducing the country’s growing debt. As Reuters reported on Monday, a successful bond buyback will bring the nation’s debt to a more sustainable level and unlock much-needed aid from the euro zone… (Read more.)
The Spanish Bank Bailout: European shares rallied and the euro climbed to a six-week high against the dollar after Spain formally requested financial assistance for its struggling banking system… (Read more.)
Here’s the Real Fiscal Cliff Facing Americans: The fiscal cliff is a combination of tax cuts expiring at the end of the year, along side of a reduction in government spending. It was brought on by Washington’s inability to compromise during last year’s debt ceiling standoff. It is also the cause of numerous debates and political rhetoric. However, as recent reports show, Americans are already dealing with a fiscal cliff… (Read more.)
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