Market Wrap: U.S. Stocks Make Late Run
We told you earlier about the U.S. stock selloff--but they ended up, making comeback and bouncing off their lows of the session. There was that triple digit sell-off late in the afternoon only to see a rally in the last half hour of trading. CNBC's Mary Thompson has all the details in "Eye On The Floor."
At the end-investors saw a 100 point recovery in the Dow. You'll remember that by mid-day it was down 126 points--but it finished this first day of December with "only" a 28 point decline.
Markets were pressured by weak data on U.S. manufacturing... and higher oil prices which were up 7% this week.
There was strength in the oil, coal and home furnishers and weakness in
steel, retail and semi-conductor stocks.
Who were the Dow winners? Merck and Pfizer were higher...also Home Depoton reports that it could be the target of a leveraged buy out by Texas Pacificand KKRfor $100 billion. Boeing also closed higher as well as GM after the auto maker reported decent sales for Nov.
On the downside were a lot of companies that would be impacted by weaker manufacturing: Caterpillar, 3M, DuPont and Alcoa.