This Day On The Street
Continue to site
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

Stocks Rise After Debt-Ceiling Deal

Volumes rose to 3.51 billion on the New York Stock Exchange and 1.69 billion on the Nasdaq. Decliners edged advancers by a ratio of 1.1-to-1 on the Big Board and 1.4-to-1 on the Nasdaq.

The Republican-controlled House of Representatives overwhelmingly extended the debt ceiling out to May 19 by a 285-144 vote.

President Barack Obama indicated Tuesday that he would not oppose the plan, while U.S. Senator Harry Reid said he is happy to see the clean debt ceiling legislation in the House, and that it's a "big step in the right direction."

"The worst fears of a disorderly default ... in early March won't come to pass, apparently," RBS strategists said.

The economic calendar was thin Wednesday. The FHFA Housing Price Index rose 0.6% for November after rising by an upwardly revised 0.6% the prior month.

According to Thomson Reuters data, the blended estimate for the fourth quarter, which reflects reported results and analyst expectations, is for year-over-year growth of 2.7% for the S&P 500, up from 0.1% in the third quarter. Seventeen percent of S&P 500 companies have reported so far.

Gold for February delivery fell $6.50 to settle at $1,686.70 an ounce at the Comex division of the New York Mercantile Exchange, while March crude oil futures slipped $1.45 cents at $95.23 a barrel.

The benchmark 10-year Treasury was up 4/32, diluting the yield to 1.832%. The dollar was ticking up by 0.06%, according to the U.S. dollar index.

Google, the search giant, posted fourth-quarter earnings growth of 12%.

Coach (COH - Get Report) shares plunged 16% after the U.S. luxury handbag maker reported disappointing earnings and revenue after lackluster holiday season sales.

US Airways (LCC) shares gained 1.5% after the airline booked better-than-expected fourth-quarter earnings.

Cree (CREE) shares surged 22% after the LED-products maker announced stronger-than-anticipated quarterly results and provided a positive outlook.

Research In Motion (RIMM) shares were off 3.1% as a Citigroup analyst said that the recent excitement over the company's BlackBerry 10 launch was overly optimistic and advised investors not to buy into the rally. The analyst reiterated a "sell" rating and $6 price target on the stock.

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



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

2 of 2

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
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.95 0.00%
COH $37.87 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs