Mid-Morning Market Update: Markets Rally; Intel CEO to Retire
Following the market opening Monday, the Dow traded up 1.14 percent to 12,731.58 while the NASDAQ rose 1.34 percent to 2,891.36. The S&P also rose, increasing 1.39 percent to 1,378.73.
Intel (NASDAQ: INTC) chief executive officer Paul Otellini announced that he would be retiring in May. Following the news, Intel's market opening was delayed about 10 minutes, after which it traded down a little under 2 percent.
Equities Trading UP
Sina Corporation (NASDAQ: SINA) traded up 10.07 percent to $49.61 after the company beat on both top and bottom lines Monday morning and following a report that Alibaba would be taking a 15-20% stake in Sina's Wibo microblogging service.
Shares of Lowe's (NYSE: LOW) were also up, increasing 7.79 percent to $34.47 after the company issued an earnings report in line with analyst expectations, and beat on revenue.
Tyson Foods (NYSE: TSN) saw a boost as well, rising 7.02 percent to $18.07 after the company posted a big earnings beat Monday morning.
K12 (NYSE: LRN) was also down, falling 12.18 percent to $17.96 after the company was downgraded at Wells Fargo.
Shares of E-Commerce China Dangdang (NYSE: DANG) also fell, dropping 1.47 percent to $4.03 following a prediction of slower ad revenue in the fourth quarter for Chinese internet companies.
In commodity news, oil traded up 1.43 percent to $86.67, while gold traded up 0.93 percent to $1,734.90.
Silver traded up 0.46 percent Monday to $32.83.
European markets rose early this morning, riding hopes that a deal on the fiscal cliff would soon be reached in Washington.
A few eurozone leaders were also out with comments this morning. The Austrian finance minister stated that Greece cannot expect additional aid or a debt cut for its finances. The Dutch and German finance minister spokespeople also made statements, both indicating that they did not believe a decision on Greece would be made at Tuesday's meeting.
In economic news, existing home sales came in at 2.1 percent, well above the expected -0.2 percent and the prior report of -2.9 percent.
NAHB housing market index was also reported, coming in at 46, above the expected release and the prior report of 41.
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