Tuesday, November 6, 2012

Wall Street rises ahead of U.S. Presidential elections, Vringo Recovers

On Monday ahead of the crucial elections to the U.S. presidency, Wall Street managed to show some enthusiasm and rose a little on very low trading volumes.

Just about 5.16 billion shares changed hands on the New York Stock Exchange, the Nasdaq and the NYSE on Monday, below this year's average daily volume of 6.5 billion.

Analysts, who have been tacking the market and the political developments closely, said that the market has been directionless for a long time without any real drivers.

On the Nasdaq, the Apple stock rose about 1.4 percent and pulled the index up along with it. It closed at $584.62, though the stock has fallen about 17 percent from the high it hit on September 21.

The Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 19.28 points, or 0.15 percent, to end at 13,112.44. The S&P 500(INDEXSP:.INX) rose 3.06 points, or 0.22 percent, to 1,417.26. The NASDAQ Composite (INDEXNASDAQ:.IXIC) gained 17.53 points, or 0.59 percent, to close at 2,999.66.

In New York, people still seem to be gripped in the aftermath of the havoc and destruction caused by Hurricane Sandy that swept across the western coast earlier last week.

The CBOE Volatility Index or VIX, Wall Street's favourite barometer of investor anxiety, rose 4.72 percent - a relatively big move compared with the S&P 500 - to end Monday's session at 18.42.

Analysts attributed the slight uptick in stock prices to investors taking positions ahead of the results of the elections, which looks as if it could swing either way.

Vringo, Inc.(NYSEAMEX:VRNG) was the notable gainer and soared 43% as the jury deliberating over the Google trial reportedly asks for instructions on damages."

No comments:

Post a Comment

Privacy Policy | Legal Disclaimer