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Dec 12, 2012, 07.57 AM IST | Source: Moneycontrol.com

Wall Street ends higher; Nasdaq Composite gains 1%

In the US markets, stocks finished in positive territory, with the Dow logging a five-day win streak, but off their session highs after senate majority leader Harry Reid threw cold water on the ongoing "fiscal cliff" negotiations.

Wall Street ends higher; Nasdaq Composite gains 1%

In the US markets, stocks finished in positive territory, with the Dow logging a five-day win streak, but off their session highs after senate majority leader Harry Reid threw cold water on the ongoing "fiscal cliff" negotiations saying that it will be hard to reach a budget deal by Christmas, adding that democrats aren't going to make an offer on spending cuts for republican. The CBOE volatility index ended below 16.

Dow Jones Industrial Average was up 0.6% or 78.56 points at 13248.44. Nasdaq Composite gained 1.18% or 35.34 points at 3022.3. Standard & Poor's 500 rose 0.65% or 9.29 points at 1427.84.

On economic data front, the US trade deficit widened in October as exports suffered the biggest drop in nearly four years. The trade gap increased 4.9 percent to USD 42.2 billion even as imports declined to the lowest level in one and a half years.

In key data to watch out for in the US today, export prices are expected to rise 0.3 percent, while import prices may slip to minus 0.4 percent.

In the currency space, the dollar under pressure, the euro rises back to 1.30 ahead of the Fed meeting. The Fed is expected to replace its expiring 'operation twist' program with a fresh round of outright treasury purchases.

In commodities, Brent crude rise to USD 108 levels as OPEC production declines and a weaker dollar lent support to oil ahead of OPEC's policy meeting this week.


 

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