by Marc Bastow | January 2, 2013 4:58 pm
[1]BAM! How’s that for starting off the new year?
A New Year’s Eve bump in Monday’s trading was followed by a full-blown rally on Wednesday after lawmakers put the finishing touches on a bill to avert the fiscal cliff[2] late Tuesday.
The net result was all three indices finishing well in the black. The Nasdaq roared ahead 3.07% to finish at 3,112.26, the S&P 500 vaulted up 2.54% to 1,462.42, and the Dow — fueled by gains in every last component — gained 2.35% to close at 13,412.71.
The Dow was lifted higher by the likes of Caterpillar (NYSE:CAT[3]), which moved ahead more than 4%, while shares of aluminum producer Alcoa (NYSE:AA[4]) finished 3% better.
However, Hewlett-Packard (NYSE:HPQ[5]) led the Big Board with 5% gains, while fellow tech stocks Intel (NASDAQ:INTC[6], +3.7%) and Microsoft (NASDAQ:MSFT[7], +3.6%) frolicked along. Apple‘s (NASDAQ:AAPL[8]) 3% rise on the day was welcome news to the S&P and Nasdaq. Financial stocks thrived, too, with Citigroup (NYSE:C[9], +4.3%) and Bank of America (NYSE:BAC[10], +3.6%) leading banks higher.
Bridging tech and finance, credit card processors MasterCard (NYSE:MA
, +3.9%) and Visa (NYSE:V, +2.5%) both hit all-time highs during the day.
Shares of ZipCar (NASDAQ:ZIP[11]) rocketed ahead nearly 50% after Avis (NASDAQ:CAR[12]) announced it will purchase[13] the car-sharing and hourly rental company supplier for $491 million, representing a 49% premium to Monday’s closing price. Shares of Avis finished up over 4% on the news.
However, bucking the day’s trend in a big way was headphone and audio accessories company Skullcandy (NASDAQ:SKUL[14]), which lost nearly 13% after getting pasted in a report[15] by Jefferies (NYSE:JEF[16]) that saw its rating fall from “buy” to “underperform.”
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL, MSFT and INTC.
Source URL: https://investorplace.com/2013/01/stocks-pop-to-open-2013-wednesdays-ip-market-recap-aapl-hpq-zip/
Copyright ©2025 InvestorPlace unless otherwise noted.