Markets Rise On Hopes For Fiscal Cliff Deal
Optimism that lawmakers will reach a compromise to avoid the fiscal cliff lifted the markets during the midday with the Dow gaining 57 points to 12,935. Nasdaq rose 6 points to 2974.
On the upside
Gulfport Energy (Nasdaq: GPOR) reported strong test results from its Shugert 1-12H well in the Utica Shale.
Third quarter earnings tumbled for Express (NYSE: EXPR) but the results were better than expected and the apparel retailer reported record Black Friday sales.
American Eagle Outfitters (NYSE: AEO) reported sharply higher third quarter earnings that topped analyst expectations and forecast full year results ahead of estimates.
On the downside
Jos. A. Bank Clothiers (Nasdaq: JOSB) disappointed with lower third quarter earnings that missed expectations.
Meritor (NYSE: MTOR) announced a convertible senior unsecured notes offering of $150 million.
Medley Capital (NYSE: MCC) priced its public offering of 5 million common shares at the discounted price of $13.75 per share.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 809.
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