Mid-Afternoon Market Update: Markets Rally Further, VIVUS Remains Down
Toward the end of trading Wednesday, the Dow traded up 1.86 percent to 13,347.13 while the NASDAQ rose 2.66 percent to 3,099.44. The S&P also rose, increasing 2.01 percent to 1,454.77.
After a long period of indecision, Washington finally came to an agreement to avert the fiscal cliff. While critics have framed the agreement as simply “kicking the can down the road," markets saw an early boost as traders celebrated the deal, even if gains could be short-term.
Equities Trading UP
Molycorp (NYSE: MCP) leveled out mid way through trading, holding onto a gain of 10.59 percent to $10.44 after Bloomberg reported the company could be a takeover target.
Shares of Turquoise Hill Resources (NYSE: TRQ) saw a boost too, gaining 14.59 percent to $8.72 following a positive Seeking Alpha article Monday.
Dendreon (NASDAQ: DNDN) was also on the rise, trading up 9.64 percent to $5.80, possibly linked to a popular Seeking Alpha article Monday.
Equities Trading DOWN
VIVUS (NASDAQ: VVUS) fell 4.51 percent to $12.82 as a number of biotech stocks rallied Wednesday.
Skull Candy (NASDAQ: SKUL) took a hit in early trading, falling 12.07 percent to $6.85 following a downgrade to Underperform at Jefferies this morning.
Shares of Dole Food Company (NYSE: DOLE) were also down, giving up 12.65 percent to $10.02 after the company announced that it expects to close its sale of Worldwide Packed foods.
In commodity news, oil traded up 1.21 percent to $92.93, while gold traded up 0.76 percent to $1,688.80.
Silver traded up 0.78 percent Wednesday to $31.01.
In the Eurozone today markets received a strong boost following a resolution over the U.S. fiscal cliff took precedence over the mixed PMI data released this morning.
In economic news Wednesday morning, the ISM manufacturing index was released, coming in at 50.70, edging slightly above the anticipated 50.50 and the prior release of 49.50. The ISM manufacturing prices came out as well, coming in at 55.50, slightly below the anticipated 55.80 and the previous figure of 52.50.
Construction spending month over month was also reported, registering at -0.30 percent, below the projected 0.60 percent and the prior reading of 0.70 percent.
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