Reuters - Video

Edition: U.S. | U.K. | IN | CN

Top News

Stocks rally on DC's "kumbaya" moment

Friday, November 16, 2012 - 01:51

Nov. 16 - Summary of business headlines: Stocks rise as politicians soften fiscal cliff stance; Hostess Brands aims to shut down for good; Sandy slows industrial production; Dell hurt by falling PC sales. Conway Gittens reports.

▲ Hide Transcript

View Transcript

PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street snaps a four-day downturn as political leaders seem to play nice in fiscal cliff talks. The three major market gauges reversed early losses for the best one-day gains in nearly two weeks. The week, however, was a loser; the Dow and Nasdaq down 1.8 percent each. Investors remain fixated on discussions in Washington to avoid mandatory tax hikes and spending cuts. But the tone was more market-friendly thanks to an air of bi-partisanship. Say it ain't so. An American icon is in jeopardy. The beloved Twinkie is at risk after parent company Hostess Brands warned it will shut down for good. Hostess, so far, has failed to win concessions. The shutdown could mean more than 18,000 employees will be out of a job before the holidays. There are reports of Twinkie hoarding. But fears of Twinkies disappearing forever may be overblown, says Michael Davis, professor and economist at Southern Methodist University Cox School of Business. SOUNDBITE: MICHAEL DAVIS, PROFESSOR/ECONOMIST, SOUTHERN METHODIST UNIVERSITY COX SCHOOL OF BUSINESS (ENGLISH) SAYING: "I'm pretty sure that that brand is so well known that someone is going to buy it and produce Twinkies. I can't imagine a world without Twinkies. I think we should also remember that this may not be the end of the story the bankruptcy judge still has to rule." In other news: Superstorm Sandy disrupted industrial production in October. But even without that distortion, manufacturing activity appears to be slowing. Shares of Dell were down sharply one day after earnings showed a prolonged slowdown in personal computer sales is hurting profitability. Apple shares rallied, rebounding from a 10-month low hit early in the session. Turning to Europe: The DAX closed below 7,000 for the first time since September as European stocks suffered their worst week in about 5-1/2 months.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Stocks rally on DC's "kumbaya" moment

Friday, November 16, 2012 - 01:51

Top News »

Editors' Picks »

Most Popular »

Business »

Moving Pictures »

Images of December Images of December

Tue, 23 Dec, 2014 - (0:30)

Tsunami - unclaimed possessions Tsunami - unclaimed possessions

Tue, 23 Dec, 2014 - (2:23)

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Sports And Leisure »

Mourinho's "Let's go to Wembley" Mourinho's "Let's go to Wembley"

Wed, 28 Jan, 2015 - (1:16)

Diver Daley trains in Rio Diver Daley trains in Rio

Tue, 27 Jan, 2015 - (0:55)

Drogba on his Chelsea hopes Drogba on his Chelsea hopes

Mon, 26 Jan, 2015 - (0:52)

NBA legend shoots from the hip NBA legend shoots from the hip

Wed, 14 Jan, 2015 - (1:13)

Tennis ace Murray proposes to girlfriend Tennis ace Murray proposes to girlfriend

Thu, 27 Nov, 2014 - (0:41)

Sports Spread: Tinkering Liverpool target Chelsea Sports Spread: Tinkering Liverpool target...

Thu, 06 Nov, 2014 - (11:18)

Flying car prototype takes to the skies Flying car prototype takes to the skies

Wed, 29 Oct, 2014 - (2:18)

Dateline Asia »

iPhone grabs top spot in China iPhone grabs top spot in China

Wed, 28 Jan, 2015 - (1:40)

Robot replacements for Foxconn's workers Robot replacements for Foxconn's workers

Wed, 28 Jan, 2015 - (1:12)

Alibaba could set sights on Yahoo Alibaba could set sights on Yahoo

Tue, 27 Jan, 2015 - (1:24)

Fashion designers finding haste makes waste Fashion designers finding haste makes waste

Tue, 27 Jan, 2015 - (2:07)

Be afraid, the Chinese are spending less Be afraid, the Chinese are spending less

Mon, 26 Jan, 2015 - (1:33)

Asia markets shrug at Greek elections Asia markets shrug at Greek elections

Mon, 26 Jan, 2015 - (1:36)

Asia markets toast ECB stimulus Asia markets toast ECB stimulus

Fri, 23 Jan, 2015 - (1:42)

Asia Week Ahead: Markets await Greece vote Asia Week Ahead: Markets await Greece vote

Fri, 23 Jan, 2015 - (1:18)

Netflix to push play in China Netflix to push play in China

Thu, 22 Jan, 2015 - (1:41)

Japan in a tight spot over hostage crisis Japan in a tight spot over hostage crisis

Thu, 22 Jan, 2015 - (1:05)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)