Intel’s CEO to Quit, a Win for the NY Fed, and New Housing Numbers: Market Recap
The markets closed up today on Wall Street:
S&P 500: +1.99%, Nasdaq: +2.21%, Dow: 1.65%.
On the commodities front, Oil (NYSE:USO) climbed 2.59 percent to $89.17 per barrel. Precious metals also came up, with Gold (NYSE:GLD) climbing 1.03 percent to $1,732.30 per ounce, and Silver (NYSE:SLV) climbing 2.33 percent to $33.13 per ounce about 25 minutes after the bell.
The Federal Reserve Bank of New York has won the dismissal of a $25 billion lawsuit filed by former AIG (NYSE:AIG) CEO Maurice Greenberg. The U.S. Treasury acquired close to an 80 percent stake in AIG for $182.3 billion in one of the largest bailouts of the crisis, and Greenberg claimed that the NY Fed forced the bank to act against the best interests of its shareholders. (Read more.)
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Cisco (NASDAQ:CSCO) will expand its software-focused networking capacity with the $1.2 billion acquisition of Meraki Inc., a cloud networking solutions company based in San Francisco.
Shares of Lowe’s Companies (NYSE:LOW) surged in morning trading, as the company reported better-than-expected financial results for the third quarter. The second largest U.S. home improvement retailer announced that net income came in at $396 million (35 cents per share) for the quarter ended November 2, 2012. This represents a 76 percent jump from the same period last year, when the company earned $225 million (18 cents per share). (Read more.)
Shares of Intel (NASDAQ:INTC) were temporarily halted on Monday when news broke that CEO Paul Otellini will step down in May. Mr. Otellini’s decision came as a surprise to both the company’s board and investors, likely prompting the trading halt to prevent any panic-selling. (Read more.)
U.S. President Barack Obama reached out to Apple (NASDAQ:AAPL) chief executive Tim Cook to discuss the approaching fiscal cliff, a set of tax increases and spending cuts scheduled to take effect at the start of 2013. A White House official told CNN that the discussion was part of the president’s “outreach on the need to find a balanced deficit-reduction solution that protects the middle class and continues to move our economy forward.” (Read more.)
Despite the devastation Hurricane Sandy wrought on the Northeast and Mid-Atlantic states, data released by the National Association of Realtors on Monday showed that the housing market is continuing to recover. In the month of October, the sales of existing homes in the United States rose 2.1 percent to a seasonally adjusted 4.79 million, an increase from 4.69 million in September. When compared year-over-year, existing home sales rose 10.9 percent from the 4.32 million-unit level in October 2011. (Read more.)
Gasoline rationing will continue through the holiday in New York City as electricity outages and supply shortages continue to plague the area in the wake of super-storm Sandy. The rationing mechanism allows motorists to only purchase fuel on odd or even days corresponding to the last digit of their license plates. With about 30 percent of gas stations still offline and traveling expected to ramp up for Thanksgiving, the system is designed to alleviate gas stations pressured by long lines, frustrated consumers, and short supply. (Read more.)
Don’t Miss: Intel CEO’s Exit is a Surprise to Everyone.