Stocks are back on the offensive today as investors pour into
equities amid expectations the Federal Reserve will keep monetary
policy unchanged this week. Bullish U.S. and European manufacturing
data along with a pair of multi-billion-dollar deals between AIG (
) and AerCap Holdings (
) along with Avago Technologies (
) and LSI Corp (
) also are lifting the markets today. The energy sector is
providing the Dow Industrials index with a boost after an
endorsement by Goldman Sachs carried Exxon Mobil Corp (
) sharply higher.
Investors cheered the improvement in global manufacturing with
both the European and U.S. purchasing managers indices all showing
very modest gains in November. And in addition to the PMI, U.S.
industrial production and capacity utilization also improved in
November, both of which came in better than expectations. Although
the Empire State manufacturing survey missed forecasts, the index
improved dramatically from -2.21 in November to +0.98 last
Finally, non-farm productivity jumped 3.0% in the third quarter,
while labor costs were kept down, meeting expectations for a 1.4%
European markets were all higher as well, bolstered by gains in
the U.S. as well as signs of continued improvement in the EU-zone
manufacturing sector. Although France remained the laggard, a
significant gain in the German PMI offset weakness in France,
lifting the EU-wide PMI to 52.7 from 51.6 the month prior.
Crude oil was up $0.75 to $97.31 per barrel. Natural gas was
down $0.05 to $4.28 per 1 million BTU. Gold was up $7.10 to
$1,242.10 an ounce, while silver was up $0.26 to $19.86 an ounce.
Copper was up $0.01 to $3.33 per pound.
Among energy ETFs, the United States Oil Fund was up 1.01% to
$34.98 with the United States Natural Gas Fund was down 1.77% to
$21.04. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 0.90% to 21.31 while SPDR Gold Shares were up
0.50% to $120.00. The iShares Silver Trust was up 1.27% to
Here's where the markets stand at mid-day:
NYSE Composite Index up 68.85 (+0.69%) to 10023.72
Dow Jones Industrial Average up 140.45 (+0.89%) to 15895.81
S&P 500 up 11.92 (+0.67%) to 1787.24
Nasdaq Composite Index up 30.50 (+0.76%) to 4031.48
Nikkei 225 Index down 1.62%
Hang Seng Index down 0.56%
Shanghai China Composite Index down 1.60%
FTSE 100 Index up 1.28%
CAC 40 up 1.48%
DAX up 1.74%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 1.07%
NYSE Financial Sector Index up 0.70%
NYSE Healthcare Sector Index up 0.18%
(+) LSI (+38.6%) Avago (
) will acquire LSI (
) for $11.15 per share in an all-cash transaction valued at $6.6
(+) AER (+31.9%) Inks $5.4-billion deal with American
International Group (
) to purchase AIG's International Lease Finance Corp
(+) WYY, (+5.5%) Announces $600-million contract with the
Department of Homeland Security.
(-) USU, (-55.8%) Uranium miner reaches agreement with a
majority of holders of senior convertible notes and replacing $530
mln of the notes maturing October 2014 with new debt and equity.
Expects to file Chapter 11 bankruptcy petition during Q1 of
(-) TTMI, (-8.5%) Announces plans for a $150-million offering of
convertible senior notes due 2020.
(-) WPCS (-9.4%) Fiscal Q2 revenue declines 7.8% year over year
to $7.36 mln.
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