The NYSE Sells Out and a Fiscal Cliff Showdown: Market Recap
The markets reversed some negative speculation in the pre-market to close up on Wall Street.
At the close: DJIA: +0.45%, S&P 500: +0.55%, Nasdaq: +0.20%.
On the commodities front, Oil (NYSE:USO) dropped -0.10 percent to $89.89 per barrel. Precious metals dropped once again, with Gold (NYSE:GLD) falling 1.07 percent to $1,649.90 per ounce, and Silver (NYSE:SLV) falling 3.59 percent to $30.00 per ounce at the bell.
Intercontinental Exchange, Inc. (NYSE:ICE), which operates market places for futures and over-the-counter energy and commodity contracts as well as derivatives, will buy NYSE Euronext, Inc. (NYSE:NYX), which owns the New York Stock Exchange. ICE has offered $33.12 per share, valuing the deal at about $8.2 billion… (Read more.)
How Long Until We Reach 6.5% Unemployment? The unemployment rate fell from 7.9 percent to 7.7 percent in November, a full point lower than in November 2011, but still 1.2 points above the Federal Reserve’s target rate of 6.5 percent. It would require the immediate creation of about 1.9 million jobs in order to reach that rate, and the Fed expects it will take (at minimum) over a year to get there, and more likely between three and five years… (Read more.)
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U.S. Home Sales Get a Boost: Low interest rates and reduced inventory levels pushed sales of previously owned homes in November to their fastest pace in three years. Meanwhile, a separate report shows that home values posted their largest gain in more than six years… (Read more.)
More GDP Growth! The third estimate for GDP growth in the third quarter has been released, and the news keeps getting better. The latest estimate pegs third-quarter GDP growth at 3.1 percent, up from the 2.7 percent growth previously estimated. Strong third-quarter growth follows weak second-quarter growth of just 1.3 percent… (Read more.)
Fiscal Cliff Showdown: Are Republicans All-In? On Thursday Evening, the House of Representatives is expected to vote on “Plan B,” the GOP revenue proposal championed by Speaker John Boehner (R-Ohio). Boehner’s proposal would make permanent the Bush-era tax cuts for all Americans earning less than $1 million per year, while letting them expire for those who make more than that. Many in the Republican camp are saying the deal is the best the Democrats are going to get from them… (Read more.)
Don’t Miss: Fiscal Cliff Showdown: Are Republicans All-In?