Mid-Day Market Update: Political Indecision Looms, Yet Markets Rise
Following the market opening Monday, the Dow traded up 0.32 percent to 12,978.08 while the NASDAQ rose 0.94 percent to 2,988.24. The S&P also rose, increasing 0.63 percent to 1,411.25.
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 16.23 percent to $2.22 after its drug was placed on the FDA's fast track for approval.
Shares of Herbalife (NYSE: HLF) saw another boost Monday, gaining 10.52 percent to $32.48 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 20.00 percent to $15.66 after it was reported that the Carlyle Group had agreed to acquire the company.
Equities Trading DOWN
Watson Pharmaceuticals (NYSE: WPI) traded down 3.55 percent to $85.88 after the company confirmed a report that there was a patent challenge on one of its drugs.
Rite Aid (NYSE: RAD) gave back some of its gains from last week, falling 1.44 percent to $1.37 as traders moved to take some profits off the table.
Shares of Carrizo Oil & Gas (NASDAQ: CRZO) were also down, dropping 3.05 percent to $20.01 after the company announced the sale of its North Sea assets for $184 million on Friday.
In commodity news, oil traded up 0.54 percent to $91.29, while gold traded up 0.95 percent to $1,671.40.
Silver traded up 0.28 percent Monday to $30.26.
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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