Stocks Rise After Debt-Ceiling Deal
"The worst fears of a disorderly default ... in early March won't come to pass, apparently," RBS strategists said.
The economic calendar was thin Wednesday. The FHFA Housing Price Index rose 0.6% for November after rising by an upwardly revised 0.6% the prior month.
According to Thomson Reuters data, the blended estimate for the fourth quarter, which reflects reported results and analyst expectations, is for year-over-year growth of 2.7% for the S&P 500, up from 0.1% in the third quarter. Seventeen percent of S&P 500 companies have reported so far.
Gold for February delivery fell $6.50 to settle at $1,686.70 an ounce at the Comex division of the New York Mercantile Exchange, while March crude oil futures slipped $1.45 cents at $95.23 a barrel.
The benchmark 10-year Treasury was up 4/32, diluting the yield to 1.832%. The dollar was ticking up by 0.06%, according to the U.S. dollar index .
Google, the search giant, posted fourth-quarter earnings growth of 12% .
Coach(COH) shares plunged 16% after the U.S. luxury handbag maker reported disappointing earnings and revenue after lackluster holiday season sales.
Cree(CREE) shares surged 22% after the LED-products maker announced stronger-than-anticipated quarterly results and provided a positive outlook.
Research In Motion (RIMM) shares were off 3.1% as a Citigroup analyst said that the recent excitement over the company's BlackBerry 10 launch was overly optimistic and advised investors not to buy into the rally. The analyst reiterated a "sell" rating and $6 price target on the stock.
-- Written by Andrea Tse and Joe Deaux in New York.
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