OECD Cuts Global Forecasts; Consumer Confidence Hits Post-Recession Best in the US

Despite reports of positive consumer confidence and increasing home prices, fiscal cliff worries continued to drag stocks down on Tuesday. Talks continued in Washington among leaders but so far little progress has been made. Durable goods orders also increased for the month of October, showing the most growth since May. European finance officials agreed to release bailout loans for Greece, reducing the country's debt. The Organization for Economic Cooperation and Development lowered forecasts for many economies and estimated a contraction of 0.1% for the euro zone in 2013. ConAgra (CAG) saw shares rise after announcing their acquisition of Ralcorp Holdings Inc. (RAH) for $90 a share.
Google (GOOG) was up on Tuesday on rumors from Taiwan that it will be launching a self-branded Chromebook. Green Mountain Coffee (CMCR) announced strong K-Cup sales that helped improve their Q4 profit by 22%. The Treasury market in the US rose after the first of three rounds of government debt auctions today.

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Published on Nov 27, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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