Stocks pared earlier gains today, after a two o'clock report this afternoon that U.S. economic growth may be decelerating. The Federal Reserve's beige book data indicated that while the economy continues to expand, the rate of growth is slowing in many regions of the U.S. Traders took this news in stride, since there was no clear indication of an economic contraction.
Early this morning, stocks advanced following a successful debt auction in Portugal. U.S. investors saw this as a positive sign regarding the European debt situation. The fact that the Portugese government was able to raise money eased some worries of a crisis. The market was also rebounding somewhat from a down day yesterday.
Here's a look at some of today's big movers: Zymogenetics jumped on a merger announcement by Bristol Myers Squibb. Bristol Myers said it agreed to acquire the company for $9.75 per share. The stock closed yesterday at $5.30 per share.
Apple Computer shares got a boost today after UBS raised its price target on the stock to $350. UBS said it expects strong iPad sales to continue through the holiday season. Apple shares closed up over 2% today at just over $263 each.
And shares of BP closed up 1.25% after the company reported today that a series of events, rather than one mistake led to the oil rig explosion last April. The company said that BP along with Halliburton and Transocean were all to blame.
Among losers, Navistar fell over 6-1/2% after the company forecast lower than expected revenues. This was a result of deferring military revenues to next year. Hewlett Packard stock suffered today after an SEC filing outlined the potential pay package for it's former head Mark Hurd at his new Oracle job. Yesterday, Hurd was hired as president of Oracle and Hewlett Packard is suing to prevent Hurd from taking that position. Hewlett Packard shares were down over 3% today.
And so another positive close for the Dow, the S&P 500 and the Nasdaq, but less than 1%.
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