U.S. shares rebound on possible fiscal cliff resolution

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Source: Dukascopy Bank SA
© scanpix/AFP
U.S. equities snapped a two-day drop in the S&P's index on improved estimates for economic data and hopes for U.S. lawmakers to reach an agreement on the budget before end of this year. The experts say investors will continue to react to news on the resolution of fiscal cliff. In addition, U.S. manufacturing sector signaled growing signs as yesterday data on orders for equipment reached the highest level in eight months in October. The S&P 500 gained 0.2% to 1,409.28. Six sectors out of then within the index rose the most with Utilities sector advancing the most by 1.51%, followed by Financials with 1.17% rally and Industrials with 0.99% surge. The sector loosing the most was telecommunications. Among top performers were Western Digital, Citigroup and Bank of America by increasing 7.26%, 6.33% and 5.55%, respectively. Citigroup advanced to $36.46, as the company said in a statement it will take a $1 billion charge to cover up 4.2% workforce reduction. Shares of Freeport-Mcmoran Copper and Gold dropped significantly by 16%.
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