Wall Street is aiming for a year-end rally. Stocks (^DJI, ^GSPC, ^IXIC) are higher across the board in early trading following yesterday's losses, as investors keep close tabs on the swings in oil (CLG16.NYM) prices.
“It’s hard to see any substantial rally from here to New Year’s Eve given the lack of participants, the lack of volume…I see the markets ending kind of where they are right now -- flattish, down slightly for the year. But I think the 2015 pause will be a good start, a reset if you will for 2016,” says Hank Smith, Chief Investment Officer at Haverford Trust.
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Pep Boys (PBY) shares were sharply higher in early trading after activist investor Carl Icahn raised his bid to buy Pep Boys, trumping tire maker Bridgestone's latest offer. Icahn's sweetened bid of $18.50 a share values the auto parts company at about $1 billion. Icahn holds an 11% stake in Pep Boys, which makes him the second largest shareholder.
Willis Group Holdings (WSH), which is set to merge with consulting firm Towers Watson (TW), will replace Fossil (FOSL) on the S&P 500 on January 4. Willis Towers Watson will trade under the symbol "WLTW."
Rambus (RMBS) shares are also in the spotlight this morning. The maker of memory chips has renewed its patent license agreement with Toshiba by another three years.
Deutsche Bank’s (DB) U.S. listed shares were higher in early trading. The German bank, which is in the midst of a major restructuring, is looking to raise capital by selling its 20% stake in Chinese lender Hua Xia Bank for about $4 billion.
JPMorgan to raise deposit rates
JPMorgan (JPM) is looking to raise deposit rates for some of its biggest clients in January, according to The Wall Street Journal. JPMorgan is among the first of its big peers to boost deposit rates after the Federal Reserve’s decision earlier this month on interest rates.
Saudia Arabia posts a deficit
Saudi Arabia unveiled plans to shrink its record state budget deficit by cutting spending and sharply raising domestic fuel prices as the world's top oil exporter attempts to cope with cheap oil.
