Markets Edge Up, Fed Stimulus News Offset By Fiscal Cliff Uncertainties
Optimism about the Federal Reserve's move to increase liquidity was tempered by negativity surrounding the daily political tug-of-war to avert the fiscal cliff. The Dow rose 23 points to 13,272 while Nasdaq added 2 points to 3025.
On the upside
Costco Wholesale (Nasdaq: COST) posted 1st quarter earnings and revenues that beat estimates, but early gains in the stock were quickly erased by profit takers.
Gilead Sciences (Nasdaq: GILD) announced that it would acquire YM BioSciences (NYSE: YMI), a developer of a treatment for progressive, chronic bone marrow disorder, in an all-cash deal valued at approximately $500 million.
The solar sector was boosted by the Xinhua News Agency reports that the Chinese government would provide subsidies to domestic solar energy companies. Shares of Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) promptly rose.
On the downside
Cobalt International Energy (NYSE: CIE) priced a $1.2 billion offering of 2.625% convertible senior notes due 2019.
Shares of Eli Lilly & Co. (NYSE: LLY) fell after the pharmaceutical giant announced another round of late-stage study of its experimental Alzheimer's treatment possibly delaying its commercial release until 2016.
Shares of Incyte (Nasdaq: INCY) took a hit as investors worried that Gilead Sciences' purchase of YM BioSciences may pose a serious competitive risk.
In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by 10 to 9 on Nasdaq. The broader S&P 500 index added 3 points to 1431.
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