Stocks Start With a Gain

U.S. stocks opened higher on Tuesday as Wall Street remained hopeful that budget negotiations would lead to a deal to prevent deep spending cuts and tax hikes early next year. The Dow Jones Industrial Average lately climbed +75.87 points, or 0.58%, to 13,245.75 and the S&P 500 index advanced 9.10 points, or 0.64%, to 1,427.65. The Nasdaq Composite index rose 30.29 points, or 1.01, to 3,017.25.

The U.S. trade deficit increased in October because exports fell by a larger margin than imports, a sign that slower global growth could weigh on the U.S. economy. The Commerce Department said Tuesday that the trade deficit grew 4.8 percent in October from September to $42.2 billion.

The Federal Reserve will amplify record accommodation tomorrow by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.

The Treasury Department said Tuesday it would raise $7.6 billion in the sale of its final shares of American International Group, ending the controversial bailout of the insurance giant with a $22.7-billion profit.

Delta Air Lines (NYSE: DAL) is buying Singapore Airlines (SES: C6L.SI) ‘ 49 percent stake in Virgin Atlantic for $360 million and has agreed to a transatlantic joint venture with the British carrier, expanding its access to London’s capacity-constrained Heathrow airport.

HSBC Holdings PLC said Tuesday it has reached an agreement with U.S. authorities in relation to investigations regarding inadequate compliance with anti-money laundering and sanctions laws and will make payments totaling $1.921 billion.






Leave a Reply