U.S. Stocks Reverse Course on Boehner Fiscal Cliff Optimism; Green Mountain Coffee Shares Piping Hot


U.S. stock markets have reversed course sharply, recovering from a morning beat down that saw the Dow Jones Industrial Average post an early triple-digit loss.

Its recovery came after House Speaker John Boehner made optimistic comments that a deal on the so-called 'fiscal cliff' issue can be reached. But the Nasdaq and S&P 500 averages are still slight laggards, posting small losses, unable to claw their way back to the plus side thus far.

Markets had opened lower across the board as investors still feel nervous over the fiscal cliff negotiations, with stocks picking up where they left off Tuesday: sliding south. Fueling fears of another market-drubbing repeat of last year's Congressional failure to deal with the U.S. debt situation in an effective way, were downbeat comments from Majority Senate Leader Harry Reid, who stated that Congress had made little progress in reaching a deal to avoid the automatic end-of-year tax increases and spending cuts.

Adding to the negative sentiment was weaker-than-expected new home sales data. New home sales in October hit an annualized rate of 368,000, which is down from September's revised rate of 369,000, and worse than the rate of 388,000 that had been broadly expected by the Briefing.com consensus.

In individual stock news of note, shares of Green Mountain Coffee Roasters ( GMCR ) is now up 24% at around $35.90 but off a day high $36.35, after the company announced bullish quarterly earnings and forward guidance on Tuesday after the close.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: GMCR

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