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.
Word on the Street
- US Commerce Department reports that new housing starts fall by 3% in November.
- Libor probes drag $1.5 billion from UBS AG (UBS) for fraud, bribery and rigging.
- House Speaker Boehner and President Obama face off on "Plan B" debate.
- Treasury Department announces it will sell off the remaining 500 million shares of General Motors (GM).
- Kodak (EKDKQ) to sell patents for $525 million in hopes to emerge from bankruptcy.
- Despite a strong holiday season, FedEx (FDX) may still post lower Q2 results.
- SandRidge Energy Inc. (SD) announces sale of Permian oil fields to Sheridan Production Parters II.
- Euro touches highs after a positive German business confidence report and lowered hopes for a fiscal cliff deal.
- Five food companies that are building brand awareness through social media.
- What were Apple's (AAPL) top downloaded iPhone apps of 2012?
Published on Dec 19, 2012By InvestorGuide Staff