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

by Marc Bastow | December 20, 2012 4:31 pm

IPMarketRecap Stocks Gain on Jobs, Homes    Thursday's IP Market Recap[1]Optimism 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[2], 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[3]) surged 34% after the operator of the New York Stock Exchange agreed to be bought[4] by IntercontinentalExchange (NSYE:ICE[5]) for $8.2 billion in cash and stock.

Used car retailer CarMax (NYSE:KMX[6]) reported strong quarterly results, sending shares ahead nearly 9% on the day.

Office products and furniture manufacturer Steelcase (NYSE:SCS[7]) 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[8]) 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[9]) also took a tumble on disappointing earnings, which represented the third straight quarterly decline. Shares dropped just under 2% for the day.

Three Up

Three Down

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.

Endnotes:
  1. [Image]: http://www.investorplace.com/hot-topics/investorplace-market-recap/
  2. Plan B: http://www.cnn.com/2012/12/20/politics/fiscal-cliff/index.html?hpt=hp_t3&iid=EL
  3. NYX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYX
  4. agreed to be bought: http://investorplace.com/2012/12/nyse-finds-an-8-2-billion-escape/
  5. ICE: http://studio-5.financialcontent.com/investplace/quote?Symbol=ICE
  6. KMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=KMX
  7. SCS: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCS
  8. BBBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBBY
  9. ACN: http://studio-5.financialcontent.com/investplace/quote?Symbol=ACN
  10. JBL: http://studio-5.financialcontent.com/investplace/quote?Symbol=JBL
  11. HERO: http://studio-5.financialcontent.com/investplace/quote?Symbol=HERO
  12. SWC: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWC
  13. HLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=HLF
  14. ODP: http://studio-5.financialcontent.com/investplace/quote?Symbol=ODP
  15. AMD: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMD

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