U.S. stocks rose, reversing early losses, as consumer confidence increased and manufacturing grew at the fastest pace since June 2011, easing concern about the economy as $85 billion of federal spending cuts were set to begin. Commodities fell and the pound and euro slumped.
While Republicans promote themselves as the friendliest party for Wall Street, stock investors do better when Democrats occupy the White House. From a dollars- and-cents standpoint, it’s not even close.
Stocks fell as talks to form a new Greek government failed and concern grew about the stability of the nation’s banks, while the Dollar Index extended its longest rally ever as the euro slid to a four-month low.
For the first time in more than a century, weather has stopped U.S. equity trading for two straight days as Hurricane Sandy swept across New York City. NYSE Euronext will this morning test a back-up plan in case its headquarters or trading floor are unable to open tomorrow.