Mid-Day Market Update: Markets Rise Further; BGC Partners Sees a Boost
Midway through trading Monday, the Dow traded up 1.32 percent to 12,755.07 while the NASDAQ rose 1.81 percent to 2,904.64. The S&P also rose, increasing 1.62 percent to 1,381.95.
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
BGC partners (NASDAQ: BGCP) traded up 12.91 percent to $3.76 following a Raymond James Upgrade to Strong Buy.
Shares of Magnum Hunter Resources (NYSE: MHR) rose 12.50 percent to $3.87 after filing an 8-K on Friday.
Cirrus Logic (NASDAQ: CRUS) was also up, increasing 9.55 percent to $30.97, possibly linked to the Taiwan Semiconductor rally earlier in the day.
Equities Trading DOWN
Acacia Research (NASDAQ: ACTG) fell 10.07 to $21.08, possibly a correction from its Friday rally.
K12 (NYSE: LRN) was also down, falling 13.55 percent to $17.68 after the company was downgraded at Wells Fargo.
Shares of MicroStrategy (NASDAQ: MSTR) fell 6.22 percent to $86.07 following a price target cut at Roth.
In commodity news, oil traded up 1.43 percent to $86.67, while gold traded up 1.12 percent to $1,738.10.
Silver traded up 0.76 percent Monday to $33.13.
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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