Stocks are still mixed as the government managed to come to a compromise last week at the last hour and reprieve a federal shutdown. President Obama is expected to unveil a new spending plan for 2012 later this week that addresses tax rules for those making over $250,000 a year, the defense budget, and public programs like Medicaid, Medicare and Social Security. Meanwhile, the Dow Jones Industrial Average is slightly up, while the Nasdaq and S&P 500 are down. As investors get ready for earnings season, there are still a few concerns keeping the money on the sidelines. The string of major acquisitions continues though, indicating that companies are healthy enough to either buy a competitor or not scare away buyers. Oil prices have dipped slightly as the Libyan crisis begins to ease just a smidgen.
Major U.S. Indicies
Dow: 12,390.80 (+0.09 percent)
S&P 500: 1,326.35 (-0.13 percent)
Nasdaq: 2,771.80 (-0.31 percent)
Russell 2000: 837.81 (-0.37 percent)
In other news:
- President Obama plans to ask Republicans to help him with a long-term spending plan for the U.S. that includes higher taxes for the rich and a lower defensive budget. This should be interesting. [NY Times]
- Wal-Mart (NYSE: WMT) wants to remind consumers that it is still the low-price leader. This is great news for consumers that don't work at Wal-Mart. [Reuters]
- Auto sales keep cruising along, and are on pace to surpass analyst expectations. The industry's recovery has been pretty remarkable. [Bloomberg]
- PIMCO, the world's largest bond fund, is betting against U.S. treasuries. And guess what, he's not the only one. [WSJ]
- NYSE says, Thanks, but no thanks" to Nasdaq's offer to purchase the exchange. [Forbes]
- George Soros, famed investor, thinks that China may be at risk of letting inflation get out of control. The second largest economy in the world may have missed its window. [Bloomberg]
Check back as more news develops.
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