Current market conditions – The Dow Jones (DIA, quote) trading up by 0.22% to 13184.08, S&P 500 (SPY, quote) is trading lower by 0.17% to 1420.47 and the NASDAQ (QQQ, quote) is trading down by 0.41% to 2990.28.
With no U.S. economic data releases today market participants are squarely focused on the U.S. fiscal cliff. U.S. investors as well as global investors remain frustrated with no movement of compromise towards a solution. Earlier investors did keep an on the Euro Zone volatility with Italy’s Prime Ministers stating he will step down and both Italian and Spanish bonds disappointing.
Stocks Trending Higher
Intermec (IN, quote) news that Honeywell International (HON, quote) disclosed it plans to buy Intermec for $600 million. Investors seem to be ignoring Investigation from Block & Leviton over possible breaches of fiduciary duty surrounding the Acquisition.
Teen apparel retailer Abercrombie & Fitch Co (ANF, quote) jumped 1.1% on a upgraded to outperform by Baird. While at the same time competitor American Eagle Outfitters Inc. (AEO, quote) and Aerpostale Inc. (ARO, quote) where reportedly had seen a drop in online traffic according to ComScore.
Stocks Trending Lower
Cash Store Financial Services Commodities (CSFS, quote) is down by 25.33% on the press release to file Amended Unaudited Financial Statements for the Periods Ended March 31, 2012 and June 30, 2012. Accounting issues equals sell….as many are doing.
With no real headlines other the lack a fiscal cliff solution commodities are basically flat going into the afternoon. Crude Oil is Up 3.4% to $86.22 while gold is up a modest 0.48% to 1713.70 hold just above the key $1700 support level.
The Euro Zone crisis is raising its heads once again with Italian banks taking it on the chin as politics continue to cause uncertainty. Italian Prince Minister released a statement over the weekend that he will be stepping down. Market participants showed their frustration by sending Euro Zone markets lower.
No economic news today.