US equities were on track for another weekly loss as investors continued to fret about the fiscal cliff. Stocks hovered between mild gains and losses while politicians in Washington, DC tried to reach a resolution on proposed tax cuts and increases .
“This is the first time we've had one iota of anything constructive being done," said Todd Schoenberger, managing principal at the BlackBay Group, told Reuters
. "That's very positive, but you can be flexible and still have us go over the cliff. Wall Street traders remain very nervous and need something concrete to get done.”
The Dow Jones Industrial Average
(INDEXDJX:.DJI) was up 0.23% to 12,570.68 points as of 12:05 p.m. EST.
(NYSE:MMM) was one of the leading Dow gainers, advancing 1.23% to $89.11. The stock will trade ex-dividend on November 20, for its quarterly dividend of $0.59, payable on December 12. 3M also announced earlier that it had received final antitrust clearance from the Austrian Federal Competition Authority for its acquisition of Ceradyne
(NYSE:AXP) was also up 1.24% to $54.32 on an overall bullish day for credit card companies. Mastercard
(NYSE:MA) (+1.54%), Capital One Financial
(NYSE:COF) (+2.06%), Discover Financial Services
(NYSE:DFS) (+2.76%), and Visa
(NYSE:V) (+1.86%) all gained ground.
(NYSE:HPQ) (-3.29% to $12.65) was down sharply in intraday trading. Investors were concerned about HP and the overall health of the PC industry after competitor Dell
(NASDAQ:DELL) (-7.69%) forecast weaker-than-expected numbers for the current quarter. The Round Rock, Texas-based company said fiscal fourth-quarter revenue will be around $14 billion to $14.4 billion, when analysts were expecting $14.5 billion. A year ago, Dell generated $16 billion in revenue.
It was a bearish day for telecommunications companies. Verizon
(NYSE:VZ) (-1.27% to $41.17), AT&T
(NYSE:T) (-0.66% to $33.20), and Sprint
(NYSE:S) (-0.90% to $5.49) were all down on the day.
No positions in stocks mentioned.
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