Stocks Rise on Election Results
evenkat
Posts: 380
Even the stock gods are happy 
http://kevxml2adsl.verizon.net/_1_23ZETO1045ZZ93H__vzn.dsl/apnws/story.htm?kcfg=apart&sin=D8L93RPO1&qcat=finance&ran=6818&passqi=&feed=ap&top=1
Stocks Rise on Election Results
By TIM PARADIS
AP Business Writer
NEW YORK - Wall Street came back from an early loss Wednesday, rising as investors grew more confident that a huge victory by Democrats in congressional elections would ultimately result in gridlock and keep lawmakers out of the way of business interests.
The market had largely expected Democrats to gain control of the House of Representatives, but an undecided Senate race in Virginia had earlier unnerved investors who dislike such uncertainty. Stocks were little moved by the surprise resignation of Defense Secretary Donald H. Rumsfeld or by news that Democrats had narrowly pulled off a win in the Montana Senate race.
"I would think over the next several weeks that investors should return their focus to the likelihood for interest rate moves in the decelerating economic climate, the moderating earnings growth and the weakening housing market," said Elizabeth Weymouth, global investment specialist at JPMorgan Private Bank.
In late afternoon trading, the Dow Jones industrial average was up 28.42, or 0.23 percent, at 12,185.19. The Dow came within a few points of a record intraday trading high of 12,196.32 reached Tuesday and if the blue chip average were to hold its gains it would see a new closing high.
Broader stock indicators rose. The Standard & Poor's 500 index was up 4.65, or 0.34 percent, at 1,387.49, and the Nasdaq composite index rose 14.55, or 0.61 percent, to 2,390.43.
Bonds rose, with the yield on the benchmark 10-year Treasury falling to 4.64 percent from 4.66 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude rose 90 cents to $59.83 on the New York Mercantile Exchange after the Energy Department reported domestic crude inventories rose last week but that gasoline stores fell.
While Weymouth expects gridlock could again become a fixture in Washington, she said investors will likely still ask whether Democrats might make an effort to curb prescription drug prices, raise the federal minimum wage or raise the 15 percent tax on some dividend gains.
Subodh Kumar, chief investment strategist for CIBC World Markets, contends that while sectors such as energy might sees pressure on stock prices amid concerns about windfall profit taxes the overall mood on Wall Street is cautiously positive.
"One of the interesting things to look at it is that bond yields have been relatively stable and the dollar has been moving up. I think one can look at that as anticipation that reduction of budget deficits will be a higher priorities in Washington," he said.
Stocks in sectors as disparate as housing and stem-cell research showed movement Wednesday as investors tried to determine how government might weigh in with regulations or business-friendly measures.
Defense stocks moved little following the news of the Defense Secretary's resignation. Northrop Grumman Corp. was down $1.18 at $65.22, while Lockheed Martin Corp. was down 95 cents at $86.54.
Companies in the stem-cell sector showed gains after voters in Missouri narrowly approved a referendum guaranteeing federally approved stem-cell research and treatment will be available in the state. StemCells Inc. rose 29 cents, or 9.5 percent, to $3.36, while Geron Corp. rose 30 cents, or 3.6 percent, to $8.68. Aastrom Biosciences Inc. was up 11 cents, or 7.4 percent, at $1.60.
Also, companies in the government-sponsored mortgage business made advances on the notion that Democrats would push plans to broaden access to housing. Fannie Mae was up $1.80, or 3 percent, at $61.70, while Freddie Mac was up $1.69, or 2.4 percent, at $71.55.
In other corporate news, Merck & Co. fell $1.71, or 3.7 percent, to $44.19 after the pharmaceutical company said liabilities from tax disputes in the U.S. and Canada could total $5.58 billion.
Cablevision Systems Corp. was up 5 cents at $27.98 after the cable TV operator and owner of properties such as Madison Square Garden, reported a wider-than-expected third-quarter loss.
Sirius Satellite Radio Inc. was up 7 cents at $4.16 after posting a narrower-than-expected loss as revenue more than doubled.
Federated Department Stores Inc., parent of Macy's and Bloomingdale's, reported that it swung to a third-quarter loss from a profit due to costs related to its acquisition of May Department Stores Co. last year; the old May stores were recently converted to Macy's branches. Federated was down 41 cents at $39.93.
Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.33 billion shares compared with 1.24 billion traded at the same point Tuesday.
The Russell 2000 index of smaller companies was up 6.67, or 0.87 percent, at 771.06.
Overseas, Japan's Nikkei stock average closed down 1.08 percent. Britain's FTSE 100 closed down 0.08 percent, Germany's DAX index was down 0.20 percent, and France's CAC-40 was down 0.01 percent.
http://kevxml2adsl.verizon.net/_1_23ZETO1045ZZ93H__vzn.dsl/apnws/story.htm?kcfg=apart&sin=D8L93RPO1&qcat=finance&ran=6818&passqi=&feed=ap&top=1
Stocks Rise on Election Results
By TIM PARADIS
AP Business Writer
NEW YORK - Wall Street came back from an early loss Wednesday, rising as investors grew more confident that a huge victory by Democrats in congressional elections would ultimately result in gridlock and keep lawmakers out of the way of business interests.
The market had largely expected Democrats to gain control of the House of Representatives, but an undecided Senate race in Virginia had earlier unnerved investors who dislike such uncertainty. Stocks were little moved by the surprise resignation of Defense Secretary Donald H. Rumsfeld or by news that Democrats had narrowly pulled off a win in the Montana Senate race.
"I would think over the next several weeks that investors should return their focus to the likelihood for interest rate moves in the decelerating economic climate, the moderating earnings growth and the weakening housing market," said Elizabeth Weymouth, global investment specialist at JPMorgan Private Bank.
In late afternoon trading, the Dow Jones industrial average was up 28.42, or 0.23 percent, at 12,185.19. The Dow came within a few points of a record intraday trading high of 12,196.32 reached Tuesday and if the blue chip average were to hold its gains it would see a new closing high.
Broader stock indicators rose. The Standard & Poor's 500 index was up 4.65, or 0.34 percent, at 1,387.49, and the Nasdaq composite index rose 14.55, or 0.61 percent, to 2,390.43.
Bonds rose, with the yield on the benchmark 10-year Treasury falling to 4.64 percent from 4.66 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude rose 90 cents to $59.83 on the New York Mercantile Exchange after the Energy Department reported domestic crude inventories rose last week but that gasoline stores fell.
While Weymouth expects gridlock could again become a fixture in Washington, she said investors will likely still ask whether Democrats might make an effort to curb prescription drug prices, raise the federal minimum wage or raise the 15 percent tax on some dividend gains.
Subodh Kumar, chief investment strategist for CIBC World Markets, contends that while sectors such as energy might sees pressure on stock prices amid concerns about windfall profit taxes the overall mood on Wall Street is cautiously positive.
"One of the interesting things to look at it is that bond yields have been relatively stable and the dollar has been moving up. I think one can look at that as anticipation that reduction of budget deficits will be a higher priorities in Washington," he said.
Stocks in sectors as disparate as housing and stem-cell research showed movement Wednesday as investors tried to determine how government might weigh in with regulations or business-friendly measures.
Defense stocks moved little following the news of the Defense Secretary's resignation. Northrop Grumman Corp. was down $1.18 at $65.22, while Lockheed Martin Corp. was down 95 cents at $86.54.
Companies in the stem-cell sector showed gains after voters in Missouri narrowly approved a referendum guaranteeing federally approved stem-cell research and treatment will be available in the state. StemCells Inc. rose 29 cents, or 9.5 percent, to $3.36, while Geron Corp. rose 30 cents, or 3.6 percent, to $8.68. Aastrom Biosciences Inc. was up 11 cents, or 7.4 percent, at $1.60.
Also, companies in the government-sponsored mortgage business made advances on the notion that Democrats would push plans to broaden access to housing. Fannie Mae was up $1.80, or 3 percent, at $61.70, while Freddie Mac was up $1.69, or 2.4 percent, at $71.55.
In other corporate news, Merck & Co. fell $1.71, or 3.7 percent, to $44.19 after the pharmaceutical company said liabilities from tax disputes in the U.S. and Canada could total $5.58 billion.
Cablevision Systems Corp. was up 5 cents at $27.98 after the cable TV operator and owner of properties such as Madison Square Garden, reported a wider-than-expected third-quarter loss.
Sirius Satellite Radio Inc. was up 7 cents at $4.16 after posting a narrower-than-expected loss as revenue more than doubled.
Federated Department Stores Inc., parent of Macy's and Bloomingdale's, reported that it swung to a third-quarter loss from a profit due to costs related to its acquisition of May Department Stores Co. last year; the old May stores were recently converted to Macy's branches. Federated was down 41 cents at $39.93.
Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.33 billion shares compared with 1.24 billion traded at the same point Tuesday.
The Russell 2000 index of smaller companies was up 6.67, or 0.87 percent, at 771.06.
Overseas, Japan's Nikkei stock average closed down 1.08 percent. Britain's FTSE 100 closed down 0.08 percent, Germany's DAX index was down 0.20 percent, and France's CAC-40 was down 0.01 percent.
"...believe in lies...to get by...it's divine...whoa...oh, you know what its like..."
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