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Markets Edge Up, Fed Stimulus News Offset By Fiscal Cliff Uncertainties
Posted on December 12, 2012 at 10:00 AM EST
Optimism about the Federal Reserve's move to increase liquidity was tempered by negativity surrounding the daily political tug-of-war to avert the fiscal cliff. The Dow rose 23 points to 13,272 while Nasdaq added 2 points to 3025.
On the upside Gilead Sciences (Nasdaq: GILD) announced that it would acquire YM BioSciences (NYSE: YMI), a developer of a treatment for progressive, chronic bone marrow disorder, in an all-cash deal valued at approximately $500 million. The solar sector was boosted by the Xinhua News Agency reports that the Chinese government would provide subsidies to domestic solar energy companies. Shares of Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) promptly rose. On the downside Cobalt International Energy (NYSE: CIE) priced a $1.2 billion offering of 2.625% convertible senior notes due 2019. Shares of Eli Lilly & Co. (NYSE: LLY) fell after the pharmaceutical giant announced another round of late-stage study of its experimental Alzheimer's treatment possibly delaying its commercial release until 2016. Shares of Incyte (Nasdaq: INCY) took a hit as investors worried that Gilead Sciences' purchase of YM BioSciences may pose a serious competitive risk. In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by 10 to 9 on Nasdaq. The broader S&P 500 index added 3 points to 1431. Related Stocks:
Cobalt International Energy
Costco Wholesale Corp
Dow Jones Industrial Average
Dow Jones Industrial Average (EOD)
Eli Lilly & Co.
Gilead Sciences, Inc.
Incyte Genomics, Inc.
NASDAQ 100
NASDAQ Composite
NYSE COMPOSITE INDX
Standard & Poors 500
Trina Solar Ltd.
YM BioSciences
Yingli Green Energy Holding Co. Ltd. ADS
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