The Joplin Globe, Joplin, MO

Business

November 5, 2012

Stocks waver a day ahead of election

NEW YORK — Stock indexes drifted around the break-even mark Monday, one day before the U.S. presidential election.

The Dow Jones industrial average edged up five points to 13,098 shortly after 11 a.m. EST. The Standard & Poor’s 500 index added one point to 1,415, while the Nasdaq composite index rose 12 points 2,995.

Trading is expected to be light ahead of the election Tuesday.

National polls show a close contest between President Barack Obama and Mitt Romney. The two candidates are spending the final days of the campaign holding rallies in Ohio and other states considered crucial to winning the White House.

A measure of activity among so-called service companies, which employ about 90 percent of the American work force, showed growth in October, but at a slower pace than in September, and just short of what economists expected.

In the market for U.S. government debt, the yield on the 10-year Treasury note fell to 1.68 percent, down from 1.72 percent late Friday.

In Europe, renewed focus on Greece’s economic problems combined with uncertainty over the U.S. election to push stocks lower. Germany’s benchmark index, the DAX, dropped 0.5 percent, and the CAC-40 in France fell 1 percent.

“With the race so close, investors are understandably risk-averse today,” said James Hughes, chief market analyst at Alpari, a London brokerage.

Among stocks making big moves:

— Stifel Financial said it reached an agreement to buy the investment bank KBW in a $575 million deal. The boards of both companies have already signed off, but shareholders of KBW and regulators must follow suit. KBW’s stock leapt $1.18 to $17.48.

— Time Warner Cable lost 7 percent, the biggest drop of any company in the S&P 500. The country’s second-largest cable company posted earnings Monday morning that fell short of analysts’ predictions. Time Warner reported stronger revenue across most of its businesses but lost 140,000 cable TV subscribers in three months. The company’s stock fell $6.56 to $91.61.

— Apple rose $8.09 to $584.94. The tech behemoth said it sold 3 million iPads in the three days after launching a smaller version of its tablet computer. Tim Cook, Apple’s CEO, said the iPad Mini is “practically sold out.”

 

1
Text Only
Business
Poll

Given that the U.S. Supreme Court has ruled that electronic devices and communications are protected from searches and seizure without a warrant, do you think Missouri needs Amendment 9 added to its constitution?

A. Yes.
B. No.
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US