U.S. stocks closed with modest gains after hovering close to even in Thursday's session as investors kept their eyes on the fiscal-cliff negotiations. Investors were cautiously optimistic following a statement by President Obama that Republicans are budging on their stance against higher tax rates on high-income earners, which the president said could allow for a deal this week.
Still, according to reports, Republicans want to secure commitments on entitlement reforms to reduce the nations ballooning debt. U.S. Unemployment
The Labor Department, meanwhile, said the number of Americans filing for first-time unemployment benefits dropped 25,000 to 370,000 last week. Economists polled by MarketWatch forecast claims would come in at 375,000.
Overseas, The European Central Bank and the Bank of England both announced, Thursday morning, that they will leave interest rates unchanged.
Commodities finished mixed, gold futures clawed back above the key $1700 an ounce level after the European Central Bank cut its economic forecasts. Oil for January delivery closed down 1.8% at $86.26 a barrel. Here's Where The Markets Stood At Day's End
- Dow Jones Industrial Average up 39.55 (+0.30%) to 13,074.04
- S&P 500 up 4.66 (+0.33%) to 1,413.94
- Nasdaq Composite Index up 15.57 (+0.52%) to 2,989.27
- Nikkei 225 Index up 0.81%
- Hang Seng Index down 0.09%
- Shanghai China Composite Index down 0.13%
- FTSE 100 Index up 0.16%
- DAX up 1.07%
- (+) IVAN, Reported that its wholly owned subsidiary, Sunwing Zitong Energy (Sunwing), has received approval from the Ministry of Commerce of the People's Republic of China (the Ministry) to transfer its participating interest in the Contract for Exploration, Development and Production in the Zitong Block, Sichuan Basin, to Shell China Exploration and Production Co. (Shell).
- (+) AKAM, Announced its strategic alliance with AT&T (T), in which the companies will deliver a global suite of content delivery network (CDN) solutions to companies.
- (+) DSCI, Climbed toward its 52-week high after the company priced an underwritten public offering of 3.06 million shares of common stock at $10.34 per share. The company has granted the underwriters a 30-day option to purchase an additional 459,300 shares of common stock to cover over-allotments, if any.
- (+) DEXO, Enters amended merger agreement with SuperMedia Inc. (SPMD). SPMD shares also higher.
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- (-) NBY, Crashed after the company priced its previously announced underwritten public offering of an aggregate of 5.9 million shares of its common stock, at a price of $1.25 per share, and one-year warrants to purchase up to an aggregate of 4.425 million shares.
- (-) VRA, Company announced that in Q3 it earned $0.44 per diluted share on revenues of $138.3 million. According to Yahoo Finance, analysts were expecting VRA to earn $0.60 per share on revenues of $158.65 million.
- (-) ALGN, Shares fell following the company's report that it has made some organizational changes. Included in these changes is the appointment of new heads of the businesses and the cutting of about 25 jobs. In addition, the company said it expects fourth-quarter results to come in at the low-end of its previously forecast range of between $0.21 to $0.23 per share on revenue of between $134.2 million and $137.8 million.