News Headline Summary

US EQUITY WRAP

US equities opened the session higher and continued to hold on to significant gains following the passing of the tax bill in the House of Representatives overnight. Since the open, US equity futures have traded sideways as market participants digest the budget plan and await further developments on the spending cuts after these were not included in the bill. In individual stocks news, United States Steel shares closed the session over 8% higher after they were upgraded to outperform at Credit Suisse. Elsewhere, Apple shares closed up almost 3% after market talk of the company testing a new operating system, iOS7, on iPhone 6. Finally, the DJIA finished up 2.35% at 13412.55, the S&P 500 finished up 2.54% at 1462.42 and the NASDAQ 100 finished up 3.21% at 2746.47. The Russell 2000 index also closed at an all-time high, up 2.84% at 873.48.

02 Jan 2013 - 16:05 - Equities Rumour - Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: