Mid-Morning Market Update: Markets Rise Ahead of Fiscal Cliff, Cott Falls
Following the market opening Monday, the Dow traded up 0.11 percent to 12,952.08 while the NASDAQ rose 0.68 percent to 2,980.24. The S&P also rose, increasing 0.36 percent to 1,407.25.
Debates over the fiscal cliff continue as a resolution seems far in the distance. As the deadline nears, it has become apparent that markets are becoming more and more focused on the indecision by politicians. The House is set to begin session at 10:00 AM while the Senate will begin at 11:00 AM. Stay tuned to Benzinga for the latest updates on the fiscal cliff talks
Equities Trading UP
Lexicon Pharmaceuticals (NASDAQ: LXRX) saw a boost in early trading, rising 9.42 percent to $2.09 after its drug was placed on the FDA's fast track for approval.
Shares of Herbalife (NYSE: HLF) saw another boost Monday, gaining 3.54 percent to $30.43 as traders continue to position themselves around the ongoing battle between activist investor Bill Ackman's short position and the company's leadership.
Duff & Phelps (NYSE: DUF) was also up, boosting 19.16 percent to $15.55 after it was reported that the Carlyle Group had agreed to acquire the company.
Equities Trading DOWN
Wabash National (NYSE: WNC) traded down 2.30 percent to $8.91 as fiscal cliff negotiations continue to threaten commerce and thus supply chain flow.
SUPERVALU (NYSE: SVU) fell 1.46 percent to $2.37 as lawmakers struggle to agree upon a farm bill extension.
Shares of Cott Corporation (NYSE: COT) were also down, falling 1.90 to $7.75 , possibly linked to the continued indecision in Washington.
In commodity news, oil traded down 0.53 percent to $90.32, while gold traded up 0.45 percent to $1,663.40.
Silver traded up 0.13 percent Monday to $30.11.
European markets were mostly down this morning as fiscal cliff talks continued to struggle along in the US as the deadline is now within hours.
In economic news for Monday, the Dallas fed manufacturing activity was released coming in at 6.8, far above the anticipated -1.0 and the prior release of -2.8.
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