US stocks were flat on looming fiscal cliff

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks inched up on Monday, balancing between recent positive data form the domestic economy and mounting worries over the looming fiscal cliff. The market sentiment was also dampened by dismal quarterly GDP data from Japan and concerns over Greece's bailout plan. The S&P 500 Index added 0.01% to close at 1,380.00. Six out of ten sectors within the index gained. The top-performers were health care firms and telecommunications.  Boston Scientific and Celgene climbed 1.17% and 5.82%, while CenturyLink and Frontier Communications rose 0.28% and 1.38%. Celgene moved higher after reporting that its late-stage study of Abraxane drug  indicted a significant improvement in the life span of patients with pancreatic cancer. Meanwhile, shares of Titanium Metals led gains in S&P 500, skyrocketing 42.61% to USD16.45.  Titanium Metals agreed to be acquired by Precision Castparts for USD16.50 per share. Precision Castparts climbed 4.88%. At the same time, J.C. Penney tumbled 12.94% after Credit Suisse cut its stock rating from ‘neutral' to ‘underperform'.

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Tue, 13 Nov 2012 14:40:41 GMT

The Swiss PPI slips more than forecast in October

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Tue, 13 Nov 2012 15:24:43 GMT

U.S. equity futures drop on obscurity about U.S. economy

Futures on U.S. stocks fell on concerns that the fiscal cliff might deteriorate the world's largest economy and on obscurity how Greece is going to repay the debt. Experts say the tax increases and spending cuts will come into force in January 2013, in case the Congress does not take an action. Contracts on Standard & Poor's 500 Index maturing December lost 0.7% to

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