Delta’s Deal and the Government’s Huge Sale: Market Recap
The markets closed up on Tuesday on Wall Street.
At the close: DJIA: +0.60%, S&P 500: +0.65%, Nasdaq: +1.18%.
On the commodities front, Oil (NYSE:USO) turned around a five-day slump, gaining 0.41 percent to hit $85.91 per barrel. Precious metals dropped, with Gold (NYSE:GLD) losing 0.19 percent to $1,711.10 per ounce, and Silver (NYSE:SLV) losing 1.05 percent to $33.03 per ounce about 5 minutes after the bell.
The 2008 bailout of American International Group (NYSE:AIG), which cost $182 billion, will result in a profit of $22.7 billion for American taxpayers. As Reuters reported on Tuesday, the Treasury is selling its final 234.2 million shares of AIG common stock for $32.50 per share, with the expectation that the sale will raise $7.6 billion… (Read more.)
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Delta Air Lines (NYSE:DAL) has reached an agreement with Singapore Airlines to acquire its 49 percent stake in Virgin Atlantic Airways, unlocking valuable slots at London’s Heathrow airport for the U.S. carrier and initiating a lucrative trans-Atlantic joint venture… (Read more.)
Will Bernanke Get it Right This Time? Federal Reserve Chairman Ben Bernanke has apparently done just one of two things: provided liquidity to the U.S. economy as if he shot it with a low-yield water pistol, or mis-fired his monetary bazooka and distracted everybody with the explosion. At least, this seems to be the consensus among observers, and the decision he will make after a two-day meeting this week is expected to be in-line. (Read more.)
Was Greece’s Debt Buyback a Success? When the period to buy back Greek debt expired on Friday, the country had only tendered 26.5 billion euros, well beneath the 30 billion euros required by the International Monetary Fund and the euro zone to unlock the next tranche of relief funds. However, after the period was extended to 7 a.m. EDT on Tuesday, Greek banks hit their target… (Read more.)
Small Business Confidence Plunges: The National Federation of Independent Business, the leading nonprofit small business association representing small and independent businesses, said its Small Business Optimism Index plunged 5.6 points in November to 87.5. Since the organization started keeping track of the monthly index in 1986, only seven readings were lower… (Read more.)
How Private is Your Kid’s Mobile Usage? Earlier this year, the Federal Trade Commission issued a report on a survey of mobile applications aimed specifically at kids. The organization found that little or no information was available to parents regarding privacy practices and interactive features in many of the apps. The FTC called for increased transparency and recently conducted a follow-up report called “Mobile Apps for Kids: Disclosures Still Not Making the Grade.” As the name suggests, there is still plenty of room for improvement from the app ecosystem… (Read more.)