U.S. equities inch higher as budget deal averts "fiscal cliff"

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Source: Dukascopy Bank SA
U.S. blue chips rallied on Wednesday, as a budget deal was reached to halt the so-called "fiscal cliff" effect with automatic tax increases and spending cuts that would push the world's biggest economy into recession. The Dow Jones Industrial Average added 2.4% to 13,412.55 with all 30 stocks in the index edging higher. Investors' confidence was also boosted up by data showing that U.S. manufacturing expanded in December. All sectors in the index advanced with telecommunications sector rallying the most by 2.97%. The big rally was also triggered by surging shares of AT & T, communications holding company. Hewlett-Packard was the best preforming company, up 5.4%, as the firm made dispose of the units that do not meet the its targets. The company added to gains in the technology sector that had second biggest percentage gain. Meanwhile, industrials added 2.74%, as Caterpillar, mining and forestry machinery manufacturer, increased 4.38%. Alongside to that, UnitedHealth Group posted the smallest gain in the industry with its shares increasing 0.6%, followed by Merck and Johnson & Johnson that added 0.98% and 1.1%, respectively. All the three companies capped gains in the worst preforming health care sector that inched only 1.19% higher.
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Thu, 03 Jan 2013 14:47:12 GMT

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