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Positive Housing Data and Cliff Talks Push Stocks Higher (INTC, TSN)

By: , dated November 19th, 2012
Markets were up on Monday as many investors gained confidence in a US budget deal that would help avoid the fiscal cliff. The housing industry had a good day as home builder sentiment hit a six-year high and existing home sales for the month of October rose above expectations. Optimism also grew in Europe with signs of progress with Greece’s funding problems, sending the euro up to its highest level against the dollar in about two weeks. Shares of both Apple (AAPL) and Hewlett-Packard (HPQ) surged on Monday. Intel (INTC) announced that CEO Otellini will retire in May and the company’s stock ended the day 7 cents higher. At the end of last week many believed that Hostess Brands Inc. would soon have to shutdown because of a striking union, but on Monday it was reported that the company and union will go into mediation and possibly avoid immediate liquidation. Gold futures rallied by about $20 an ounce to reach their highest level in a month.

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