NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks rally on fiscal cliff optimism Posted: 18 Dec 2012 04:09 PM PST NEW YORK: US stocks rallied Tuesday amid optimism that Washington was serious about reaching a deal on the "fiscal cliff." The Dow Jones Industrial Average gained 115.57 points (0.87 per cent) at 13,350.96 in closing trade. The Standard & Poor's 500 Index was up 16.43 points (1.15 per cent) to finish at 1,446.79. The Nasdaq Composite Index was up 43.93 points (1.46 per cent) to close at 3,054.53. "Stocks took solace in what appeared to be a step up in the pace of fiscal cliff negotiations," said analysts with Charles Schwab & Co.
Apple rose 2.9 per cent. South Korean competitor Samsung said Tuesday it would drop a legal request to ban Apple products in five European countries. But on Monday, a US judge denied Apple's request to ban a set of Samsung smartphones from the US market after a jury found the South Korean electronics titan guilty of patent infringement. Google stock was flat at US$721.07 in the wake of word that the European Union will seek an accord with the Internet search giant to resolve anti-trust concerns. Media audience ratings service Nielsen increased 4.4 per cent after announcing it will buy Arbitron for US$1.26 billion in cash to expand its radio ratings. Arbitron soared 23.6 per cent. ConocoPhillips, which said it was selling its Algerian business unit, gained 1.8 per cent. Gunmaker Smith and Wesson Holding Corporation stock dropped roughly 10 per cent amid a US gun control debate sparked by a shooting in Connecticut Friday that saw 27 murdered -- including 20 children -- and shocked the nation. Another gun maker, Sturm Ruger, lost 7.7 per cent. -- AFP |
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