This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Stocks Are Flat In The Early Going On Wall Street

Stocks in this article: BBY GOOG S

Best Buy shot up $1.94, or 16 percent, to $14.12 after a newspaper reported that the founder of the troubled electronics chain will make a bid of up to $6 billion for the company by the end of the week.

CVS Caremark climbed 96 cents, or 2 percent, to $48.50 after issuing a profit prediction for next year that was ahead of Wall Street expectations. The company also raised its dividend.

On Wednesday, the Dow declined for the first day in five. Stocks rallied in the afternoon after the Federal Reserve tied its pledge of super-low interest rates to an improvement in the unemployment rate, but the rally faded.

The Fed said it would hold interest rates super-low until the unemployment rate drops below 6.5 percent, a threshold the Fed believes may not be breached until the end of 2015. The rate is 7.7 percent today.

The Dow's close Wednesday of 13,245 put it within a point of its close on Election Day. After the election, stocks slid 5 percent as investors began to fret about the "fiscal cliff," but stocks have drifted back higher recently.

"I don't think anyone expected the markets to hold up this well as we get closer and closer to the deadline," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

"Two possibilities: Either the markets are convinced that they'll reach some sort of agreement, or the markets don't care," he said.

David Steinberg, managing partner of DLS Capital outside Chicago, said that it was only natural for the market to pause after its run-up in recent weeks. He said that he did not think that the cliff would be a "grand event" for the market.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to 1.73 percent from 1.70 percent late Wednesday.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs