November 2, 2010 by staff
Boomi, U.S. stocks rose on Tuesday as investors awaited the outcome of midterm elections should give Republican gains in Congress and the Federal Reserve to provide more easing measures by the end of his two-day meeting.
“We should have a clearer idea tomorrow morning from the political leadership of the House and Senate, allowing these organizations to consider tax reform and a couple of other important issues during its lame duck session and future year-end, “wrote Fred Dickson, market strategist at Davidson Cos. Read overview of elections and its impact on the market.
The Dow Jones Industrial Average / quotes/comstock/10w i: Dji / delay (DJIA 11,189, 64.10, 0.58%) rose 64.10 points, or 0.6%, to close at 11,188.72.
Twenty-three of the 30 Dow components pulled over, with gains led by home improvement retailer Home Depot Inc. / quotes/comstock/13 *! Hd / quotes / nls / hd (HD 31.51, 0.80, 2.61%), which shares were up 2.6%.
The S & P 500 Index / quotes/comstock/21z i1: in \ x (SPX 1194, 9.19, 0.78%) gained 9.19 points, or 0.8%, to close at 1,193.57, with utilities and energy the most efficient among its 10 industry groups.
On the New York Mercantile Exchange, crude futures were up 1.15 and ending 83.90 a barrel, the highest settlement in the nearly six months, with products denominated in dollars higher than the greenback weakened. The dollar index i / quotes/comstock/11j: dxy0 (DXY 76.68, -0.62, -0.80%) fell 0.7% to 76.723. Read more in foreign currencies.
The Nasdaq Composite / quotes/comstock/10y i: comp (COMP 2534, 28.68, 1.15%) rose 28.68 points, or 1.1%, to close at 2,533.52.
The stock has tread water in recent days in the uncertainty about the outcome of midterm elections, and the scope of a second set of quantitative easing should be announced Wednesday Fed.
Mostanlysts expect the GOP to take control of the U.S. House of Representatives and the Democrats retain control of the Senate, but without the qualified majority necessary to avoid filibusters. Learn more about upcoming Republican wave that voting gets under way.
Fed expected to announce Wednesday a new series of bond purchases large to lower interest rates and stimulate borrowing and spending. The idea of higher inflation on the road has been weighing on the dollar for several months. Learn more about what is expected from the Fed.
Wall Street is looking for a program of about $ 100 billion monthly purchases to be made in at least six months.
“It’s hard to know what could shake up this week – the Senate is close is one thing and the other is the extent of quantitative easing,” said Art Hogan, chief market strategist at Jefferies & Co. Read Investor Weekend on how investors can play the midterm elections.
Tuesday also brought renewed M & A activity in technology, Oracle Corp. / quotes/comstock/15 *! Orcl / quotes / nls / orcl (ORCL 29.57, 0.04, 0.13%) saying it would pay $ 1 billion to acquire Art Technology Group Inc / quotes/comstock/15 *! APWG / quotes / nls / APWG (ARTG 5.96, 0.01, 0.17%), which makes software used in online transactions. For more information about purchasing Oracle.
The current M & A trend among high technology companies makes sense, since “as a sector, technology has more cash on the balance sheet than any other,” added Hogan.
Likewise, Dell Inc. / quotes/comstock/15 *! Dell / quotes / nls / Dell (DELL 14.37, 0.01, 0.04%) said it would acquire cloud computing services company Boomi, although the personal computer manufacturer has not revealed contract terms. Learn more about Dell’s much Boomi.
For all stocks down nearly three gained on the New York Stock Exchange, where 914 million shares traded.
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