24/7 Wall St. Closing Bell — January 2, 2013: Markets Up on Fiscal Deal (ADM, MAR, WAG, ROST, TGT, FDO, ZIP, CAR, FB, BIOF)January 2, 2013 by Paul Ausick
The U.S. dollar index rose rose 0.13% today, now at 79.834. The GSCI commodity index is up 0.3% at 646.58, with commodities prices mixed today. WTI crude oil closed up 1.4% today, at $93.12 a barrel. Brent crude trades up 1.2% at $112.30 a barrel. Natural gas is down 3.5% today at about $3.24 per thousand cubic feet. Gold settled up 0.8% today at $1,688.80 an ounce.
The unofficial closing bells put the DJIA up more than 308 points to 13,412.71 (2.35%), the NASDAQ rose nearly 93 points (3.07%) to 3,112.26, and the S&P 500 rose 2.54% or more than 36 points to 1,462.42.
There were a several analyst upgrades and downgrades of note today, including Archer Daniels Midland Co. (NYSE: ADM) raised to ‘buy’ with a target price of $34 at Miller Tabak; Marriott International Inc. (NYSE: MAR) raised to ‘ buy’ with a $45 target price at SunTrust; Walgreen Co. (NYSE: WAG) raised to ‘outperform’ with a $45 price target at Raymond James; Ross Stores Inc. (NASDAQ: ROST) cut to ‘neutral’ with a $60 target price at Citigroup; and Target Corp. (NYSE: TGT) cut to ‘hold’ with a $59 target price at Jefferies.
There were no earnings reports of note today, but before markets open tomorrow morning we are scheduled to hear from Family Dollar Stores Inc. (NYSE: FDO).
Some standouts from today include the following stocks:
Facebook Inc. (NASDAQ: FB) is up 5.3% at $28.02. The social media company continues to receive encouraging words from analysts on optimism for the company’s mobile advertising business.
BioFuel Energy Corp. (NASDAQ: BIOF) is up 32.6% at $4.88. The maker of renewable fuels is getting an extra boost from the extension of a tax credit that was included in the fiscal cliff legislation passed yesterday. More coverage here.
Stay tuned for Thursday. Retail stores will be reporting December same-store sales tomorrow. We have noted the following events on the schedule (all times Eastern):
- 7:00 a.m. – Mortgage Bankers Association purchase applications
- 7:30 a.m. – Challenger job-cut report
- 8:15 a.m. – ADP employment report
- 8:30 a.m. – New claims for unemployment benefits
- 2:00 p.m. – FOMC minutes
- 4:30 p.m. – Fed balance sheet and money supply