Wall Street Rises on Cyprus Deal, Healthcare Industry News (HPQ, HTZ)
Stocks rose on Tuesday after Cyprus reached a bailout deal, still requiring ratification, in which it will receive a 10 billion Euro loan. Healthcare stocks saw strong gains after the government dropped plans to cut payments for private Medicare Advantage insurers. U.S. factory orders in February rose 3%, beating expectations, to restore some investor confidence after weak manufacturing data was released on Monday. Shares of Hewlett-Packard (HPQ) fell by nearly 6% after Goldman Sachs downgraded the stock, while Hertz Global Holdings (HTZ) rose 7.5% on strong earnings forecasting by the company.
Word on the Street
- U.S. car makers Ford (F) and Chrysler (GM) reported March sales that were the best (by month) since 2007.
- Gold prices continue to fall as investors pour money into equities.
- Bank of America (BAC) agreed to pay $165 million to settle charges involving sales of mortgage-backed securities.
Published on Apr 2, 2013By InvestorGuide Staff