S&P 500 Breaks 1,230

Wall Street seems to like the tax deal, or at least stocks are rallying after that specific news has come out. The media loves to say that the market did X in response to event Z, but we can never be sure that Z was the cause of X.

The S&P 500 broke 1,235 this morning which is its highest intra-day point in over two years. The market, however, has backed up some since then. Several of our Buy List stocks are doing well. Fiserv (FISV) is at a new 52-week high. Becton Dickinson (BDX) is inches from a new high. Moog (MOG-A) also hit a new high this morning.

Interestingly, gold plunged $20 per ounce within a few minutes this morning.

The CEO of Bank of America (BAC) said that the bank plans to raise its dividend next year. He said they’ll target 30% of earnings which will probably be 40 cents per year, or 10 cents per share per quarter.

The old quarterly dividend got as high as 64 cents per share before it was slashed to just one penny per share.

Posted by on December 7th, 2010 at 10:48 am


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