Is it the start of the famed Santa Claus rally? Stocks broke into rally mode on the first day of December to close near session highs. The Dow locked in a gain of 168 points by the closing bell. The S&P topped the psychologically key level of 2100 to close up 22 points at 2102. The Nasdaq added 47 points.
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Bad news out late in the session for Starbucks (NASDAQ:SBUX) did not pressure the stock, but the news made headlines.
The coffee chain has been hit by the same E.coli strain as Costco (NASDAQ:COST). Starbucks announced Tuesday that it pulled its holiday turkey panini sandwiches from more than 1,300 U.S. stores last week. The affected stores are in three states; California, Oregon and Nevada. There have been no reports of illness.
CBS (NYSE:CBS) and Viacom (NASDAQ:VIAB) are in the spotlight as the "sex and steaks" legal battle against the chairman of the two media giants heats up.
A small win for Sumner Redstone after a judge rejected a mental health examination of the 92-year-old billionaire. Redstone's ex-girlfriend claimed he was an incompetent "living ghost" obsessed with sex and steak. However, the judge gave the go-ahead for the legal battle over Redstone's ability to serve as chairman.
Embattled pharma giant Valeant (NYSE:VRX) jumped nearly 10% Monday to mark its highest close in a month. There was no clear driver behind the move. Valeant has been clawing its way back after hitting rock bottom two weeks ago. The stock has dropped more than 60% in the past three months after it came under fire for inappropriate ties to the pharmacy Philidor, which has since closed.
And order up a size extra extra small hoodie for the Zuckerberg baby! The founder of Facebook (NASDAQ:FB), Mark Zuckerberg announced that he and his wife Priscilla have given birth to a baby girl. The name? Max. Of course the news was announced via Facebook.