#forex.news U.S. stocks soar as investors see limited shutdown effect U.S. stocks soared, after the Standard & Poor’s 500 Index decline to a three-week low yesterday, as investors assumed that the economic effects of the first partial government shutdown in 17 years would be limited. WellPoint Inc. bolstered 3 percent to pace advances among health-care providers as open enrollment for the new exchanges mandated by the Affordable Care Act began today. Merck & Co. skyrocketed 2.4 percent after the firm declared an overhaul that will lay off 8,500 workers. Walgreen Co. spiked 4.5 percent as profit surged 86 percent after its customer-loyalty card boosted sales. Under Armour Inc. traded 4.1 percent greater as JPMorgan Chase & Co. uptrend the maker of workout clothing. Borrowing Limit Congress also faces a dispute over raising the $16.7 trillion debt ceiling this month. The Treasury has said measures to avoid exceeding the borrowing limit will be exhausted on Oct. 17. The U.S. won’t have enough money to pay all of its bills at some point between Oct. 22 and Oct. 31, according to the Congressional Budget Office. Failure to increase the limit could lead to a downgrade of the government’s credit rating. Data Delay Investors have been scrutinizing economic reports to gauge whether growth is robust enough for the Fed to begin curtailing its stimulus at its next meeting this month. Open Enrollment WellPoint skyrocketed 3 percent to $86.11 and Health Net Inc. traded 3.6 percent higher to $32.84. JPMorgan analyst Justin Lake said in a Sept. 18 note that the two companies would be most affected by any delay in the start of open enrollment. UnitedHealth Group Inc. recorded a 1.4 percent increase to $72.58. Ford, Apple Ford Motor Co. increased 1.9 percent to $17.19, headed for its largest advance in 3 weeks. The Dearborn, Michigan-based carmaker reported a 5.7 percent rise in U.S. sales of cars and light trucks in September, beating forecasts for no change. Netflix Target Netflix Inc. soared 5 percent to a record $324.62. MKM Partners LLC raised its price target for the stock to $370 from $285, saying the world’s largest subscription-streaming service’s management will be able to win customers in key international markets such as the U.K. H&R Block Inc., the biggest U.S. tax preparer, rose 4.5 percent, the most since March, to $27.86. Morgan Stanley raised its recommendation on the shares to overweight, similar to a buy rating, saying implementation of the Affordable Care Act in the U.S. will expand opportunities for its health-insurance services. Newmont Mining Corp., the biggest U.S. gold producer, declined 3.2 percent to $27.21, its lowest since Aug. 7. The precious metal sagged down under $1,300 an ounce today, reaching its worst point in seven weeks.
Posted on: Tue, 08 Oct 2013 12:13:43 +0000
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