Political Kick Save Puts Compromise on the Horizon
Today's financial recap and tomorrow's financial outlook.
Even though much of the economic data in the morning was negative, House Speaker Boehner, Minority Leader Pelosi, and Senate Leader Reid held a press conference around noon, appearing very optimistic about resolving the US fiscal issues. This was viewed very positively by the market, driving the S&P 500 from down 1% to up nearly 0.5%.
Apple (NASDAQ:AAPL) came under extreme pressure in the morning, but managed to stage an aggressive comeback after dipping close the $500 level. Apple rallied back to close the day at $527.68, up 0.5% on the day.
BP (NYSE:BP) will pay an additional $4.5 billion to the Department of Justice and SEC regarding criminal claims related to the Deepwater Horizon oil spill in 2010. This brings the overall total of claims to $12 billion with a potential $17.6 billion in outstanding claims. BP's stock fell modestly on the release of this information
After being punished for the past two weeks, dividend stocks, mREITs, REITs, closed end funds, and MLPs recovered sharply. Some of these securities have fallen over 30% as the prospect of increased taxes on dividends associated with the removal of the Bush tax cuts. Many of these securities sport a yield of up to 14%.
Tomorrow's Financial Outlook
Over the weekend, China will release data on property prices for the month of October. Last month, prices in more than half of the 70 cities fell.
On Monday, the NAHB will report its monthly housing market index. The index tracks builder and real estate agent optimism. The index is expected to remain unchanged at 41, near levels not seen since 2006. Also in homes data for Monday is existing home sales, expected to remain unchanged on an annual basis.
In earnings, Lowe's (NYSE:LOW), Tyson Foods (NYSE:TSN), Urban Outfitters (NYSE:URBN), Agilent (NASDAQ:A), and Nuance (NASDAQ:NUAN) will report.
For a complete breakdown of events, economic data, and earnings reports for the week ahead, check out Minyanville's Trading Radar.
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