Markets Rise On Hopes For Fiscal Cliff Deal
November 28, 2012 at 05:20 AM EST
Optimism that lawmakers will reach a compromise to avoid the fiscal cliff lifted the markets during the midday with the Dow gaining 57 points to 12,935. Nasdaq rose 6 points to 2974.On the upsideGulfport Energy (Nasdaq: GPOR) reported strong test results from its Shugert 1-12H well in the Utica Shale.Third quarter earnings tumbled for Express (NYSE: EXPR) but the results were better than expected and the apparel retailer reported record Black Friday sales.American Eagle Outfitters (NYSE: AEO) reported sharply higher third quarter earnings that topped analyst expectations and forecast full year results ahead of estimates.On the downsideJos. A. Bank Clothiers (Nasdaq: JOSB) disappointed with lower third quarter earnings that missed expectations.Meritor (NYSE: MTOR) announced a convertible senior unsecured notes offering of $150 million.Medley Capital (NYSE: MCC) priced its public offering of 5 million common shares at the discounted price of $13.75 per share.In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 809.
