US stocks rallied on easing fiscal worries

Source: Dukascopy Bank SA
© Scanpix/Reuters
US stocks climbed on Wednesday on progress in talks to avert US fiscal cliff. US President Barack Obama reassured investors that the deal on US budget will be done in the next four weeks. Moreover, mounting hopes that the Fed will expand its bond purchasing program at its next-month meeting boosted market sentiment. At the same time, an unexpected drop in new home sales last month limited a upward trend. The S&P 500 Index rallied 0.79% to close at 1,409.93. All sectors included in the index climbed. The top-performers were consumer services as well as oil and gas industries. Apollo Group and Carnival Corp. rose 0.83% and 1.42%, while Cabot Oil & Gas Corp. and Chesapeake Energy added 0.21% and 0.23% despite weaker crude oil prices. Meanwhile, Costco Wholesale Corp. soared 6.29% after announcing a special dividend ahead of expected tax increases. Lenders also joined the rally. Shares of Comerica, Regions Financial and SunTrust Banks jumped 0.3%, 0.46% and 0.34%, respectively.


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Thu, 29 Nov 2012 09:55:41 GMT

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