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

Indexes rise despite the looming fiscal cliff Plan B showdown

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

IPMarketRecap Stocks Gain on Jobs, Homes    Thursdays IP 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/.

©2014 InvestorPlace Media, LLC

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