US markets rallied into the close on fiscal cliff talks $SP500:I
- Published: 18 December 2012
- Markets staged a strong run into the close to finish on their highs as investors were encouraged by signs that US politicians are making progress in fiscal cliff talks
- In economic news manufacturing in New York state fell for the fifth straight month
- Stocks received a boost on news that President Obama and Republican House of Representatives Speaker John Boehner met for 45 minutes of discussions
- Leading the gains were Bank of America and Home Depot, all key S&P500 sectors closed higher with financials and consumer discretionary stocks leading the gains
- Airline stocks were higher after Dahlman Rose updated its industry outlook to bullish
- AIG rallied 2.98% after the insurance giant said it could raise as much as USD6.5 Billion from the sale of its remaining stake in AIA, its Asian based predecessor
- DOW +0.76%, S&P500 +1.19% and NASDAQ +1.32%
- Currencies were subdued overnight with no major moves, AUD remains above 1.05
- Gold gave back early gains to close flat while Crude was mixed. Crude managed to close the session up 0.5% as the market looks to a positive fiscal cliff outcome
