Career News 24/7: STOCKS GO NOWHERE: Here's What You Need To Know, November 12, 2012

Monday, November 12, 2012

STOCKS GO NOWHERE: Here's What You Need To Know, November 12, 2012

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Monday, November 12, 2012

Today was pretty quiet on Wall Street as banks and cash bonds were closed to observe Veterans day while the stock market remained open for business.

First, the scoreboard:

Dow: 12,816, +2, +0.2 percent
S&P 500: 1,380, +0.2, +0.01 percent
NASDAQ: 2,904, -0.6, -0.02 percent

And now, the top stories:

This morning, a few details of the long-awaited report by Greece's troika lenders on Greece's bailout program were revealed. The troika's main conclusions were that an extension of the timeline for Greece to repay its debt would help ease the impact on austerity, and while Greek compliance with the troika bailout program had been "perceptibly improved," the report still cited "very large risks" to continued implementation of the Greek program. Meanwhile, Greek stocks were down big today.
Reports this morning that the ECB would relax collateral requirements for insolvent Greek banks were denied in the afternoon. Initially, it was a German newspaper reported that the ECB would accept even lower-rated securities than those already accepted from Greek banks, but the report was refuted as incorrect.
Sherwin-Williams announced a big acquisition, saying it would buy Mexican paint company Comex for $2.34 billion including debt. The deal highlights the flexible financing options that corporations have in a time of super-low interest rates.
About an hour into the U.S. trading session, stocks swung negative after starting the day higher. However, the dip proved to be short-lived, and stocks rocketed higher shortly after 12PM to new highs on the day.
An IEA report out this morning that made a number of dramatic claims – among them, that the U.S. would become "all but self‐sufficient" in energy by 2035 – may seem to be a bit to good to be true. Experts told Business Insider that the only way for that to happen would be to rely a bit on Canada for energy supply, but that even Canada would likely be unable to fill the gap.
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