Mid-Afternoon Market Update: Market Rally Continues; Tyson Foods Renews its Boost
Toward the end of trading Monday, the Dow traded up 1.44 percent to 12,769.77 while the NASDAQ rose 1.96 percent to 2,909.12. The S&P also rose, increasing 1.76 percent to 1,383.75.
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 12.61 percent to $3.75 following a Raymond James Upgrade to Strong Buy.
Shares of Magnum Hunter Resources (NYSE: MHR) rose 12.21 percent to $3.86 after filing an 8-K on Friday.
Tyson Foods (NYSE: TSN) made it back onto the leaderboard towards the end of trading, rising 10.43 percent to $18.64 after the company posted a big earnings beat Monday morning.
Equities Trading DOWN
Acacia Research (NASDAQ: ACTG) fell 12.57 percent to $20.49, possibly a correction from its Friday rally.
K12 (NYSE: LRN) was also down, falling 14.77 percent to $17.43 after the company was downgraded at Wells Fargo.
Shares of MicroStrategy (NASDAQ: MSTR) regained some of its losses, remaining down 5.61 percent at $86.63 following a price target cut at Roth.
In commodity news, oil traded up 2.71 percent to $89.28, while gold traded up 1.03 percent to $1,736.60.
Silver traded up 0.44 percent Monday to $33.11.
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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