Toward the end of trading Friday, the Dow traded down 0.90
percent to 13,191.24 while the NASDAQ fell 1.02 percent to
3,019.21. The S&P also fell, decreasing 0.85 percent to
Making waves in the markets this morning was the announcement
that Boehner's "plan B" to avoid the fiscal cliff did not pass in
the house last night. This subsequently sent markets down,
hitting the financial sector especially hard with Bank of America
) and JP Morgan (NYSE:
) taking especially large hits in early trading.
Equities Trading UP
Ameristar Casinos (NASDAQ:
) shot up 19.99 percent to $26.48 after Sterne Agee said that MGM
and Penn National could counter bid for the casino.
Shares of Pinnacle Entertainment (NYSE:
) were also up, gaining 21.69 percent to $16.25 after the company
issued an $869 million bid to buy Ameristar Casinos.
Halozyme Therapeutics (NASDAQ:
) traded up as well, rising 25.45 percent to $6.93 following its
deal the Pfizer.
Equities Trading DOWN
Research in Motion (NASDAQ:
) took a 21.67 percent hit to $11.06, despite posting better than
expected earnings after the close Thursday.
) took a 20.96 percent hit, falling to $26.64 on massive volume
as Bill Ackman's Pershing Square continued its assault on the
company, underlining its large short position.
Shares of Micron Technology (NASDAQ:
) fell 6.77 percent to $6.33 after posting a larger than expected
loss on Thursday.
In commodity news, oil traded down 1.55 percent to $88.73, while
gold traded up 0.73 percent to $1,657.80.
Silver traded up 0.37 percent Friday to $30.05.
European markets fell this morning as they followed Asian markets
down. Leading the fall were the German DAX which fell 0.9 percent
and U.K. shares which fell 0.94 percent.
In economic releases, the UK released a few economic points
including service sector growth and GDP growth, both were lower
than expected, while the November budget deficit was reported
higher than the prior year.
In economic news Friday morning, durable goods orders came in at
0.7 percent, above the anticipated 0.3 percent and the revised
prior release of 0.5 percent.
Personal spending came in at 0.4 percent, equal to estimates
and above the previous release of -0.2 percent, while personal
income came in at 0.6 percent, double the anticipated 0.3 percent
and above the flat prior release of 0.00 percent.
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