Fox Business - The Power to Prosper
Search Site


Tax Deal Rally Wiped Out by Rising Dollar

FOX Business: The Power to ProsperA near triple-digit rally on Wall Street evaporated on Tuesday as initial enthusiasm for an apparent compromise on extending the Bush tax cuts was overshadowed by a resurgent U.S. dollar and Democratic dissension to the tax deal.Today's MarketsThe Dow Jones Industrial Average fell 3.03 points, or 0.03%, to 11359.16, the Standard & Poor's 500 gained 0.63 points, 0.05%, to 1223.75 and the Nasdaq Composite jumped 3.57 points, or 0.14%, to 2598.49. The FOX 50 advanced 2.48 points, or 0.28%, to 875.58.All eyes were on Washington on Tuesday as Wall Street was caught off guard by the apparent deal to prevent taxes from rising on all Americans at the end of the year. The markets initially cheered the news, especially stimulative measures in the compromise.  "You can't [overstate] how positive this is" for stock prices, said Art Hogan, chief market strategist at Jefferies & Co. He said he doesn't believe the tax deal was built into stock prices, adding, "I thin...

Read More

  1. Nicor Takes AGL Bid, Combining Natural-gas Firms

    Natural-gas distributor AGL Resources (NYSE:AGL) unveiled a $2.4 billion bid on Tuesday to take over peer Nicor (NYSE:GAS).Valued at $53 a share, the deal places a 1...

Freebase CC-BY
Source: Nicor on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL