Stocks End Two-Day Rally on Rising Cliff Tension

After two days of gains US stocks dropped on Wednesday as tensions rose between President Obama and Speaker John Boehner. It was reported that housing starts in the US fell 3% in November after two months of gains to a seasonally adjusted annual rate of 861,000. The dollar fell against the euro after positive news came from Germany about its business confidence index. In corporate news, General Motors (GM) announced they would be selling the rest of its Detroit holdings and saw shares rise around 7%. Knight Capital Group (KCG) also gained after agreeing to merge with Getco in Chicago.
SandRidge Energy Inc. (SD) said it'll sell its Permian Basin oil and gas properties for $2.6 billion in cash to Sheridan Production Partners II and is expected to close out the deal in Q1 of 2013. US Treasury yields declined from their two-month highs as worries of economic slowdown weigh on investors.

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Published on Dec 19, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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