Stocks gained modestly on bargain hunting following last week's post election slide. One of those apparent bargains was BB&T (BBT), which was upgraded by Bank of America/Merrill Lynch. The analyst said a 15% pullback in the stock provided an attractive purchase opportunity. BB&T shares closed up over half a percent. All three major stock averages were up just fractionally at the bell.
Traders remained cautious throughout the session, as the effects of Hurricane Sandy and the impending "fiscal cliff" threaten the economy. The so-called cliff is the abrupt effect of huge tax increases that go into effect January 1st.
¬†Home builder D.R. Horton (DHI) posted better than expected 4th quarter earnings. But those shares were down as margins were not improving as sales were up, according to Reuters. That stock closed down over 5%.
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