Stocks Gain on Jobs, Homes — Thursday’s IP Market Recap

Indexes rise despite the looming fiscal cliff Plan B showdown

   

InvestorPlace Market RecapOptimism once again crept into the conversation on Thursday as the markets saw some positive economic data and no further Fiscal Cliff damage.

The S&P 500 led the way with a 0.55% gain to finish at 1,443.69, while the Dow rose 0.45% to 13,311.72 and the Nasdaq trailed with a rise of 0.2% to 3,050.39.

Congress was expected to vote some time on Thursday evening on John Boehner’s Plan B, while the government released its final estimate of third-quarter GDP growth. It came it at a 3.1% annual rate — much better than the 1.3% rate in the second quarter.

Additionally, jobless claims rose by 17,000 to 361,000 in the latest week and new home sales rose 5.9% to the highest sales rate since November 2009.

In corporate news, shares of NYSE Euronext (NSYE:NYX) surged 34% after the operator of the New York Stock Exchange agreed to be bought by IntercontinentalExchange (NSYE:ICE) for $8.2 billion in cash and stock.

Used car retailer CarMax (NYSE:KMX) reported strong quarterly results, sending shares ahead nearly 9% on the day.

Office products and furniture manufacturer Steelcase (NYSE:SCS) rose over 12% on the day after posting revenues and earnings in line with company estimates and issuing guidance within Street estimates.

Bed Bath & Beyond (NASDAQ:BBBY) shares went the other way, dropping almost 7%  after the retailer offered weak guidance after the bell on Wednesday.

Management and technology consulting firm Accenture (NYSE:ACN) also took a tumble on disappointing earnings, which represented the third straight quarterly decline. Shares dropped just under 2% for the day.

Three Up

  • Jabil Circuit (NYSE:JBL): Up 7.43% ($1.38) to $19.95
  • Hercules (NASDAQ:HERO): Up 5.35% (31 cents) to $6.10
  • Stillwater Mining (NYSE:SWC): Up 3.42% (42 cents) to $12.70

Three Down

  • Herbalife (NYSE:HLF): Down 9.75% ($3.64) to $33.70
  • Office Depot (NYSE:ODP): down 5.06% (18 cents) to $3.38
  • Advanced Micro Devices (NYSE:AMD): Down 4.76% (12 cents) to $2.40

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/2012/12/thursdays-ip-market-recap-nyx-ice-kmx-bbby-acn/.

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