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The Dow Now: Can Intel Stay Above $20?


Procter & Gamble and Cisco were also up on the day.

MINYANVILLE ORIGINAL Despite a stronger-than-forecast jobs report, US stocks fluctuated between mild gains and mild losses, as the fiscal cliff continued to weigh on the minds of investors.

Jobless claims for last week fell 25,000 to a seasonally adjusted 370,000, said the Labor Department, compared to 393,000 the week before. Economists had projected a reading of 380,000.

"There are no real triggers here. It is just positioning going on for year-end, and this big decision [on the fiscal cliff]", said Rick Meckler, president of hedge fund LibertyView Capital Management, according to Reuters.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.10% to 13,046.96 points as of 11:56 a.m. EST.

Leading Dow gainer was Intel (NASDAQ:INTC). The chipmaker has been stuck in a downward trend for most of the past six months, but advanced 1.54% to $20.16 in intraday trading, which was its first venture above $20 since November 28. Outgoing CEO Paul Otellini reportedly told the audience at the Sanford C. Bernstein Conference Wednesday that his successor will likely come from within Intel.

Procter & Gamble (NYSE:PG) rose 0.51% to $69.76. According to the latest Pershing Square Capital regulatory filings, activist investor Bill Ackman has upped his stake in the conglomerate, which is also Pershing's second-largest holding.

Cisco Systems (NASDAQ:CSCO) also inched up 0.99% to $19.40, while Disney (NYSE:DIS), which goes ex-dividend today, gained 0.41% to $49.04.

Bank of America (NYSE:BAC) was the greatest decliner on the day, sliding 0.86% to $10.37. Yesterday, the stock hit a new 52-week high and closed up $0.55 (5.55%) at $10.46 per share. It was the first time since July 2011 that Bank of America had crossed the $10-per-share mark.

Boeing (NYSE:BA) also dipped 0.74% to $73.32. The aerospace giant has suspended talks on new labor contracts with the union representing its 23,000 engineers until 2013 at the request of a federal mediator. Union leaders also said they would not strike until at least January.

Twitter: @sterlingwong
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