This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Flat at the Finish Line

Even as the major averages were pulling back on the heels of last week's volatile week of trading, Peter Cardillo, chief market economist at Rockwell Global Capital said Monday that he thinks "if the S&P 500 holds around the present levels, the worst of the decline is behind us."

"Indeed, the market is looking to stabilize notwithstanding the weekend rhetoric concerning the fiscal cliff, China's exports reaching a five-month high is another indication of the Chinese economy stabilizing, a positive for the global economy. Today's domestic M&A news also helping the market in the absence of macro news," said Cardillo.

Meantime, both Democrats and Republicans expressed confidence that they could reach a deal to avoid plunging off the fiscal cliff, though provided little detail beyond that.

No major U.S. economic releases were expected Monday. The bond market was closed and most federal workers were off in observance of Veteran's Day.

Economic releases later this week include the consumer price report on Thursday and several manufacturing indicators, such as the Empire manufacturing, Philly Fed, and industrial production reports.

There will also be retail sales data on Wednesday, where there could be distortions due to Hurricane Sandy.

The FTSE 100 in London settled down by 0.04%, while the DAX in Germany finished up 0.07%. Japan's Nikkei average settled down 0.93% on Monday and Hong Kong's Hang Seng closed higher by 0.21%.

Gold for December delivery closed unchanged at $1,730.90 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts fell 50 cents to settle at $85.57.

The dollar was down 0.01%, according to the U.S. dollar index . The bond market was closed.

In corporate news, Leucadia National (LUK) agreed to acquire Jefferies Group (JEF), the two companies announced on Monday.

Jefferies shares soared 14%; Leucadia shares fell 3%.

Titanium Metals (TIE) shares surged 42.6% after the titanium manufacturer entered a deal to be bought by Precision Castparts (PCP) for $16.50 a share in cash, putting the value of the company at about $2.9 billion. Precision Castparts shares rose 4.9%.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BZH $13.85 -2.60%
DHI $30.35 -2.30%
AAPL $110.97 0.17%
FB $92.46 -1.60%
GOOG $637.46 -0.63%


Chart of I:DJI
DOW 16,768.44 -7.99 -0.05%
S&P 500 1,972.48 -14.57 -0.73%
NASDAQ 4,714.7570 -66.5070 -1.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs