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The markets turned around an early slump to close up Thursday on Wall Street. Investor sentiment was buoyed by positive remarks from Speaker of the House John Boehner and President Barack Obama that policymakers were making progress with fiscal cliff discussions.
S&P 500: +0.79%, Nasdaq: +0.81%, Dow: +0.83%.
On the commodities front, Oil (NYSE:USO) dropped 0.57 percent to $86.68 per barrel. The USO is now less than a percent shy of being down for the month. Precious metals were also down as Gold (NYSE:GLD) dropped 1.31 percent to $1,722.00 per ounce, and Silver (NYSE:SLV) dropped 0.85 percent to $33.79 per ounce about five minutes after the bell.
Green Mountain Coffee Roasters (NASDAQ:GMCR), which sells specialty coffee products including K-cup packs, reported better-than-expected quarterly earnings. The results sent shares screaming higher and short-sellers running for the hills. (Read more.)
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After reviewing BP’s (NYSE:BP) Deepwater Horizon disaster, the Environmental Protection Agency announced on Wednesday that it had temporarily suspended the oil producer from new contracts with the federal government. (Read more.)
Hurry Up and Fix the Debt Already: Top CEOs once again headed to Washington on Wednesday to try and talk some sense into Washington. Given the mid-day turnaround in the markets following the meeting and the positive remarks coming from leaders of both parties, they have have succeeded. Over 80 CEOs have come out supporting the Campaign to Fix the Debt. (Read More.)
A Nail in the Coffin for the Housing Recovery? On Wednesday, the Commerce Department reported that purchases on new homes, measured by contracts signed, declined 0.3 percent to a seasonally adjusted 368,000-unit annual pace last month. Economists polled by Reuters had predicted a 390,000-unit rate. (Read more.)
The Vote Falls to Germany: The deal struck by the so-called Troika to release emergency aid to Greece still requires authorization by Germany’s parliament. With the election looming, chancellor Angela Merkel may have to rely on votes from the Opposing Social Democrats and Greens in order to pass the aid package. (Read more.)
Is There a New Greek Debt Reduction Strategy? The markets will be digesting a report from Reuters on Wednesday that speculates on how euro zone central banks will help Greece reach its new debt target of 110 percent of GDP in 2022. A document obtained from a meeting between euro-zone finance ministers earlier this week suggests that the central banks may roll over their holdings of Greek debt, choosing to replace maturing bonds with new bonds that would mature when Greece’s economy is more stable. (Read more.)
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