Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Dow Now: How Long Will the Intel Rally Continue?


Hewlett-Packard and American Express lead decliners.

MINYANVILLE ORIGINAL Stocks stayed all but flat in mid-Tuesday trading, with investor worries over the fiscal cliff balanced by some positive economic data.

The Conference Board revealed that its consumer confidence index rose to a four-and-a-half year high of 73.7 in November from an upwardly revised 73.1 in October. The consensus estimate had been a reading of 73.0

"An agreement to avert the fiscal cliff before year-end remains our central assumption, though it continues to look like a fairly close call given the political obstacles to a deal," wrote economists from Goldman Sachs economists in a note, according to The Street. "If a deal is reached, we would expect a tax increase of a magnitude similar to the upper income tax cuts, though the composition might differ. Entitlement reforms also seem likely to be part of a package, particularly related to health programs. 'Downpayments' in both areas seem likely, with additional deficit reduction to be enacted in 2013 as part of a two-stage process."

The Dow Jones Industrial Average (INDEXDJX:.DJI) was down 0.03% to 12,963.43 points as of 11:58 a.m. EST.

Intel (NASDAQ:INTC) led all Dow gainers on the day, advancing 1.08% to $20.10. The stock fell to its lowest level in over 12 months last Wednesday on worries regarding its weakness in the mobile sector, but has climbed some 3.41% since.

Coca-Cola (NYSE:KO) also inched up 1.03% to $37.75. The stock will go ex-dividend tomorrow, with shareholders as of market close today being eligible for a dividend of $0.26 per share.

Among decliners, Hewlett-Packard (NYSE:HPQ) led the way, sliding 0.99% to $12.61. The stock, which collapsed after it revealed possible accounting improprieties at its Autonomy division, had climbed more than 8% since its recent low on November 26. However, HP encountered fresh troubles today after an investor sued the company, alleging that HP executives issued false and misleading statements with regards to the Autonomy fraud.

American Express (NYSE:AXP) also dipped 0.77% to $55.26. Other top credit card companies, such as Capital One Financial (NYSE:COF) (-1.45%) and Discover Financial Services (NYSE:DFS) (-0.79%), were also down on the day.

Energy stocks were also hit, with Exxon Mobil (NYSE:XOM) inching down 0.80% to $87.91 and Chevron (NYSE:CVX) easing 0.67% to $104.29.

Twitter: @sterlingwong
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos