Hope For Stimulus Lifts Markets
Optimism that the Federal Reserve will announce a third round of quantitative easing next week lifted the markets to a modestly higher close with the Dow rising 14 points to 13,306. Nasdaq added a fraction to 3136.
On the upside
Rising copper, gold and silver prices lifted shares of Freeport-McMoRan (NYSE: FCX) .
Shares of U. S. Steel (NYSE: X) rose as contract negotiations between United Steelworkers and ArcelorMittal (NYSE: MT) continued.
Speculation that the Federal Reserve will approve additional stimulus measures lifted shares of Cliffs Natural Resources (NYSE: CLF).
On the downside
Accuray (Nasdaq: ARAY) disappointed with a wider than expected loss for the fourth quarter and forecast first quarter as well as 2013 full year results below analyst expectations. Shares of Tangoe (Nasdaq: TNGO) continued falling after Copperfield Research alleged yesterday that the company misrepresented its financials.
Profit taking sank shares of Monster Worldwide (NYSE: MWW) whose shares climbed over acquisition speculation.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 842.
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