Today in the markets
U.S. stocks rose Friday after top congressional leaders said they had a constructive meeting with President Obama aimed at avoiding looming tax hikes and spending cuts.
Canada’s main index closed higher as investors become more optimistic about a possible resolution of the U.S. tax and spending standoff.
The S&P/TSX Composite Index rose 66.34 points to 11,877.72, while the TSX Venture Exchange added 12.64 points to close at 1,235.34.
Active stocks included Dell Inc. (NASDAQ: NGS, Stock Forum), which dropped 7% to $8.85 after the company announced disappointing third quarter results late Thursday, falling short of forecasts on both revenue and earnings. Income fell 47% over the same period last year, on weak PC sales.
Gap Inc. (NYSE: GAP, Stock Forum) shares rose 1% to $33.59 after the retailer reported strong third quarter earnings late Thursday.
In Canada, shares of Astral Media Inc. (TSX: T.ACM.A, Stock Forum) (TSX: T.ACM.B, Stock Forum) jumped 5% to $44.40 after the company confirmed that it is in discussions with BCE Inc. (TSX: T.BCE, Stock Forum) (NYSE: BCE, Stock Forum) to continue pursuing regulatory approvals for BCE’s acquisition of Astral, including, among other options, the filing of an application with the Canadian Radio-television and Telecommunications Commission (CRTC).
December copper fell two cents to US$3.44 a pound. Base metal stocks such as Turquoise Hill Resources Ltd. (TSX: T.TRQ, Stock Forum) (NYSE: TRQ, Stock Forum) were active, with Turquoise falling 0.39% to $7.57, while First Quantum Minerals Ltd. (TSX: T.FM, Stock Forum) slipped 0.76% cents to $20.98.
/www.stockhouse.com/natural-resources-news/2012/nov/16/junior-energy-stock-jumps-on-oil-flow-results.aspx">Stockhouse Canadian Small and Micro-cap Stock Report