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Stocks Swell on Deal to Avert 'Fiscal Cliff'; Dow Surges 308 Points

The benchmark 10-year Treasury plunged by 23/32 to push the yield up to 1.841%. The dollar was up 0.06%, according to the U.S. dollar index.

In corporate news, Avis (CAR) announced that it is acquiring Zipcar (ZIP) for about $500 million, or $12.25 a share in cash, a 49% premium over Zipcar's closing price on Dec. 31.

Zipcar shares surged 47.8%. Avis shares jumped 4.8%.

Live Nation Entertainment's (LYV) Irving Azoff plans to resign as chairman of the concert promoter and will sell 1.7 million Live Nation shares to Liberty Media (LMCA). Live Nation shares tacked on 4.1% and Liberty shares were up 3.3%.

High seas and strong winds prevented crews from boarding a Royal Dutch Shell (RDS.A) drilling ship to check for any damage after the large vessel went aground off an uninhabited island in the Gulf of Alaska, The Associated Press reported. Shares added 0.41%.

Synergy Pharmaceuticals (SGYP) shares popped 18.1% after the biotech company announced that its treatment of chronic constipation met the primary and key secondary endpoints of a later phase clinical study.

Cablevision ( CVC) and Viacom ( VIA) have reached a long-term agreement that ensures no disruption of Viacom programming for Cablevision customers, according to the New York Post. Cablevision shares rose 1.8% and Viacom shares climbed 6.4%.

Magnum Hunter Resources ( MHR) shares spiked 4% as the independent oil and gas company announced a new joint operating agreement with privately held Eclipse Resources, further expanding its Marcellus and Utica leasehold position in Ohio.

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse.

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SYM TRADE IT LAST %CHG
AAPL $126.44 0.00%
MHR $1.55 0.00%
SGYP $9.28 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

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