Minyanville's T3 Daily Recap: Market Quiet on Veterans' Day

By T3Live.com  NOV 12, 2012 5:20 PM

Research In Motion was up slightly today while Microsoft was down.


The market was indeed quiet on Veterans' Day, so quiet that the Dow and S&P moved a combined zero points. After the turmoil surrounding the presidential election and Hurricane Sandy in the Northeast, stocks took an unofficial holiday to catch their breath. Congress is set to begin negotiations on the fiscal cliff, but for now investors are trying to be cautiously optimistic that lawmakers will get a deal done before the end of the year.

Major indices opened higher this morning after better-than-expected export growth was reported in China, but stocks could not get any additional momentum after the session opened. Euro finance ministers are expected to approve the next tranche of aid for Greece after the country's parliament approved a new austerity budget for 2013. Another headline making the rounds involved a report from the International Energy Agency that stated that the United States is on track to exceed the oil output of Saudi Arabia in the next decade and become a net exporter of oil.

Apple (NASDAQ:AAPL) continued to be weak, shedding 0.77%. on the day.

Research In Motion (NASDAQ:RIMM) built on some recent pockets of strength to finish the day 3.2% higher. The company announced a media day on January 30, 2013 where it will unveil two new smartphones and a new operating system.

Microsoft (NASDAQ:MSFT) was the biggest decliner on the Dow, dropping 2.1% after CEO Steve Ballmer described sales of the company's new Surface tablet as "modest."

Facebook (NASDAQ:FB) had a strong day, riding an afternoon wave of momentum to a 4.5% gain.

No positions in stocks mentioned.