US stocks skyrocketed on US fiscal optimism

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Source: Dukascopy Bank SA
© Scanpix/AFP
US stocks surged on Monday on rising optimism over the US fiscal cliff. US lawmakers are expected find a compromise on the new US budget till January 1. Moreover, better-than-expected existing home sales last month lifted US equities. The S&P 500 Index rallied 1.99% to close at 1,386.89. All but one sector within the index soared. Technology and basic materials sectors posted the biggest gains. Cisco Systems and Apple jumped 1.72% and 7.21%. Cisco Systems announced that it will buy Meraki for USD1.2 billion as a part of its expansion strategy. Apple rose after Bank of America Merrill Lynch maintained a ‘buy' rating despite cutting a target price to USD780 from USD840. Among basic materials, Allegheny Technologies and CF Industries Holdings climbed 1.69% and 4.13%. At the same time, Cliffs Natural Resources lost 0.11% as it will delay the Bloom Lake project expansion as the firm has to adjust its business to lower coal consumption for steelmaking. Meanwhile, Tyson Foods surged 10.9% after reporting upbeat quarterly results.
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