Reuters - Video

EDITION: U.S. | U.K. | IN

Top News

Stocks rally before France loses AAA

Tuesday, November 20, 2012 - 02:05

Nov. 19 - Summary of business headlines: Wall Street jumps 2 percent as Washington backs away from the fiscal cliff, Wal-Mart moves up dividend with fiscal cliff in mind, Existing home sales and homebuilder optimism point to continued rebound, Intel CEO retiring; Oil nears $90. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street bounces back with the best one-day gain in two months after stocks suffer for weeks. But Europe may take a hit on Tuesday, after France lost its AAA credit rating from Moody's after the U.S. closing bell. Nevertheless, the Dow settled at the high of the day, up more than 200 points. The S&P 500 rose 2 percent. The Nasdaq up 2.2 percent. Investors are betting lawmakers will be able to prevent the fiscal cliff. But some companies are not taking any chances. Wal-Mart is moving up its dividend to December from January, so shareholders can avoid getting hit with a higher bill next if dividend tax rates go up. By the way, shareholders include descendants of founder Sam Walton, who are some of the richest people in the world. The improving housing market also gave the stocks a bounce. Sales of previously owned home jumped a stronger than expected 2.1 percent in October and a survey of homebuilders shows renewed optimism, hitting a six-year high in November. Intel will soon see changes at the top. Chief Executive Paul Otellini will retire next year. His departure comes as the chip giant struggles with the changing marketplace. Its stronghold, PC chip, is fading, while the market for smartphones and tablets expands rapidly. Known for promoting from within, the current chief operating officer is considered a top contender, says portfolio manager Joshua Spencer of the T. Rowe Price Global Technology Fund. SOUNDBITE: JOSHUA SPENCER, PORTFOLIO MANAGER, T. ROWE PRICE GLOBAL TECHNOLOGY FUND (ENGLISH) SAYING: "In addition to being COO, he's in charge of Intel's manufacturing footprint. And it's really the one area that they've had dominance and has continued to extend their lead." The announcement was met with a muted response; shares only gained a few cents. Oil prices closed at one-month highs on political and economic optimism in the U.S. and violence in the Middle East. In Europe, Portugal passes a bailout review paving the way for the next 2.5 billion euro payout, but markets were focused on the U.S., giving European stocks their best day in 10 weeks.

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

Stocks rally before France loses AAA

Tuesday, November 20, 2012 - 02:05

Top News »

Editors' Picks »

Business »

Moving Pictures »

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)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Burned memories Burned memories

Fri, 08 Aug, 2014 - (3:02)

Images of July Images of July

Fri, 01 Aug, 2014 - (1:20)

Oddly Enough »

Ancient baby mammoth on display in Moscow Ancient baby mammoth on display in Moscow

Wed, 29 Oct, 2014 - (1:14)

Snow leopard arrives at Mexico zoo Snow leopard arrives at Mexico zoo

Tue, 28 Oct, 2014 - (0:59)

Horse rescued from swimming pool Horse rescued from swimming pool

Tue, 28 Oct, 2014 - (0:30)

Surfing in a different sort of costume Surfing in a different sort of costume

Mon, 27 Oct, 2014 - (1:10)

Skateboards get rock star makeovers Skateboards get rock star makeovers

Thu, 23 Oct, 2014 - (1:28)

Giant rubber duck on show in Shanghai Giant rubber duck on show in Shanghai

Thu, 23 Oct, 2014 - (1:06)

Black bear cub goes Sunday shopping Black bear cub goes Sunday shopping

Thu, 23 Oct, 2014 - (0:27)

Christie's opens new Shanghai office Christie's opens new Shanghai office

Wed, 22 Oct, 2014 - (1:13)

Reuters Investigates »

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 - (13:21)

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

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

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)