Financial Sector and Budget Deal Optimism Lead Street Higher (NYX, ICE)
Stocks on Wall Street edged higher on Thursday due to expressed optimism from Speaker Boehner on a budget deal and several positive economic reports. Third quarter GDP in the US was higher than originally expected, rising 3.1% versus previous estimates of a 2.8% gain. Existing home purchases rose 5.9% for the month of November, the fastest monthly rate seen in three years. The increase came mostly from nonfarm private inventories and personal consumption growth. The dollar reached a new high against the Japanese yen, a level last previously seen in April of 2011. NYSE Euronext (NYX) surged today after Intercontinental Exchange Inc. (ICE) announced its purchase for $8.2 billion.Oracle (ORCL) agreed to acquire Eloqua Inc. (ELOQ) for $810 million. Deutsche Bank (DB) CEO Rene Obermann surprisingly announced that he will be leaving at the end of 2013 after seven years with the company.
Word on the Street
- ICE (ICE) makes a deal to buy NYSE Euronext (NYX) for $8.2 billion, giving the company a strategic boost.
- US GDP for the third quarter was revised and said to have expanded at an annual rate of 3.1%.
- ConAgra Foods (CAG) has a strong second quarter and raises expectations for 2013.
- Jobless claims increase by 17,000 over the past week to a total of 361,000.
- Existing home purchases climb to a three-year high in November.
- After signs of slowing growth, Apple's (AAPL) price target is cut to $750 by Bernstein Research.
- IMF states Europe has made progress in the economic crisis but still has to keep commitments.
- Philip Morris (PM) slides after stricter restrictions from the EU.
- CEO Ari Emanuel's six lessons he lives his life by.
- The tale of two welfare states - a look at how the US and Britain help their poor and unemployed.
Published on Dec 20, 2012By InvestorGuide Staff