Sharply Higher Close On Possible Fiscal Cliff Deal
As lawmakers appeared to move closer to a deal to avert the fiscal cliff, the markets soared to close sharply higher with the Dow surging 115 points to 13,350. Nasdaq leaped 43 points to 3054.
On the upside
Macquarie Group upgraded Youku Tudou (NYSE: YOKU) to an Outperform rating.
American Railcar Industries (Nasdaq: ARII) offered a premium of approximately $543 million to acquire Greenbrier Companies (NYSE: GBX).
Imperial Capital analyst Edward P. Mally expects increased demand for Tronox's (NYSE: TROX) white pigment TiO2.
On the downside
GT Advanced Technologies (Nasdaq: GTAT) forecast 2013 earnings that fell far short of analyst expectations. Falling gold prices weighed down shares of AuRico Gold (NYSE: AUQ), Eldorado Gold (NYSE: EGO) and Seabridge Gold (NYSE: SA).
Motley Fool wrote that Wal-Mart (NYSE: WMT) could easily take market share from Radio Shack (NYSE: RSH) by expanding its selection of low priced consumer electronic gadgets.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index soared 16 points to 1446.
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