STOCKS RISE: Here's What You Need To Know

john boehner gavel

Photo: AP

Stocks rose modestly today.There was some back-and-forth in Washington as different politicians made different comments on fiscal cliff talks, though no apparent progress.

There were also some important data points published this morning.

But first, the scorecard:

Dow: +0.29 per cent
S&P 500: +0.43 per cent
NASDAQ: +0.66 per cent

And now the top stories:

  • Speaker John Boehner said he was “frustrated” with how negotiations to resolve the fiscal cliff were going
  • The twitchy market instantly fell on that comment.
  • But then Chuck Schumer said there’d be a deal by Christmas, and the market eventually recovered
  • AM data points:GDP climbed to 2.7 per cent, but personal consumption declined. Here’s the full breakdown in chart form.  Jobless claims came in inline at 390K, but the four-week moving average was a bit nastier. The Kansas City Fed’s manufacturing index unexpectedly fell.
  • GDP climbed to 2.7 per cent, but personal consumption declined. Here’s the full breakdown in chart form. 
  • Jobless claims came in inline at 390K, but the four-week moving average was a bit nastier.
  • The Kansas City Fed’s manufacturing index unexpectedly fell.
  • Goldman Sachs’ David Kostin issued his Dow forecast for 2013: it’s a very bullish 1575. He also said S&P 500 sales would show nominal growth of 4.4 per cent in 2013 and 4.7 per cent in 2014.”  
  • Deutsche Bank’s Mike Baker released his “most likely to offer a dividend” stock list: Best Buy, O’Reilly, Ross, Staples and Williams-Sonoma.
  • Living Social announced it was laying off 400 workers, mostly in sales and editorial. “We need to catch our breath,” the company said. 
  • Republican strategists told Business Insider’s Grace Wyler that Grover Norquist’s sway over GOP representatives is “vastly overstated.” “Grover is totally isolated in considering the elimination of tax credits to be a tax increase,” a Washington aide said. 
  • A new report found sea levels are rising way faster than we realised. The newly discovered rate of 0.12 inches (3.2 millimeters) is 60 per cent faster than the best estimate of 0.08 inches (2 millimeters) per year, which the Intergovernmental Panel on Climate Change (IPCC) calculated in 2007.

DON’T MISS: SocGen’s Ultimate 2013 Forecast Guide >

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