Market Recap: Stocks Mixed as Dow Jones Industrial Average Set for 17-Percent Gain

Strategic Insights -

In a typical final trading session of the year, stocks are mixed, with the Dow Jones Industrial Average (DJIA) poised to log a 17-percent gain for the year, a feat last accomplished in 2003. Amidst the economic news drought, investors have turned to equities, seeking news and positive developments to propel their investments forward. The blue chips have found some support, courtesy of AT&T's (NYSE:T) decision to offer additional concessions to regulators, helping its $85-billion acquisition of BellSouth (BLS) gain approval. Apple Computer (NASDAQ:AAPL) has also gained ground, with shares rising nearly five percent after a special committee found no evidence of misconduct by current management in relation to stock-option grant dates.

Key Takeaways:

  • The Dow Jones Industrial Average (DJIA) is set to log a 17-percent gain for the year, a feat last accomplished in 2003.
  • AT&T (NYSE:T) has added nearly one percent after offering additional concessions to regulators to gain approval for its $85-billion acquisition of BellSouth (BLS).
  • Apple Computer (NASDAQ:AAPL) has gained nearly five percent after a special committee found no evidence of misconduct by current management in relation to stock-option grant dates.
  • The blue chips have found some support, with the DJIA currently flat, but investors remain cautious.
  • A deal could be announced early next year regarding Marsh & McLennan's (MMC) sale of its Putnam Investments money-management unit to Power Corp. of Canada for $3.9 billion.
  • Goodyear Tire & Rubber (NYSE:GT) has risen nearly five percent after announcing plans to achieve savings through a three-year deal with the United Steelworkers union.

Statistics:

  • Dow Jones Industrial Average (DJIA) is set to log a 17-percent gain for the year, a feat last accomplished in 2003.
  • AT&T (NYSE:T) has gained nearly one percent, with shares rising 0.9% in today's trading.
  • Apple Computer (NASDAQ:AAPL) has gained nearly five percent, with shares rising 4.6% in today's trading.
  • The blue chips have found some support, with the DJIA currently flat, but investors remain cautious.
  • A three-year deal with the United Steelworkers union is expected to help Goodyear Tire & Rubber (NYSE:GT) save up to $610 million over the term of the contract.

Sources:

  • [The Wall Street Journal]
  • [Forbes]
  • [Barron's]
  • [Schaeffer's Research]
  • [Dow Jones Industrial Average]
  • [AT&T]
  • [Apple Computer]
  • [Marsh & McLennan]
  • [Power Corp.]
  • [Goodyear Tire & Rubber]