Stocks take a backward step due to fiscal cliff fears $ZWc1
- Published: 28 November 2012
- US stocks pulled back as investors await progress on fiscal cliff negations that if left unresolved will result in automatic spending cuts in the vicinity of USD600 Billion
- In some positive news European officials have secured a debt deal for beleaguered EU member Greece which will see the countries debt load and interest payments reduced. As a result of the positive news European shares rallied overnight
- Economic news proved to be robust with Durable Goods unchanged in the month of October. Economists had expected the figure to fall back 0.6%. Home Prices also rose for the sixth consecutive month in September by gaining a seasonally adjusted 0.4%. Also the Consumer Confidence figure rose to a 4.5 year high of 73.7 in Nov
- Specialty glass market Corning Inc rose 7.4% on a better outlook for LCD supplies
- ConAgra rose 4.74% after it agreed to buy Ralcorp to form North America's biggest private food company. Ralcorp rallied 26.46% as a result of the announcement
- DOW -0.69%, S&P500 -0.52% and NASDAQ -0.30%
- USD firmed later in the session as US equity markets sold off due to fiscal cliff fears
- Gold fell as the stronger USD took effect and Crude fell 0.9% on budget talks
