After starting the day on a negative mode, the US market clawed back to close Tuesday's trading in a positive note after the minutes from the latest Federal Reserve meeting showed central bank officials debated a third round of asset purchases to stimulate the economy. During the day, the market lost ground after an economic data highlighted a 15 percent decline consumer confidence index to 44.5 in August 2011, well below the estimate of 53.3 from economists. It was the lowest level the index has dropped since April 2009.
Market Scan:
The Dow Jones industrial average added 0.18 percent or 20.70 points to close at 11,559.95. The Nasdaq Stock Market Inc. gained 0.55 percent or 14 points to end at 2,576.11. The Standard & Poor's 500 index was up 0.23 percent or 2.84 points to settle at 1,212.92. Among other major indices, the New York Stock Exchange composite index rose 0.18 percent or 13.71 points to close at 7,464.01. The American Stock Exchange composite index was up 0.27 percent or 6.11 points to end the day's trading at 2,283.10.
Hot Stocks of the Day: BAC, XOM, CLX, MDT, VRA
Bank of America Corp. (NYSE: BAC) shares dropped 2.92 percent or 25 cents to close at $8.15 amidst reports that US Bancorp, acting as a subsidiary for a $1.75 billion mortgage pool, has filed a legal suit to force the former to repurchase all the underlying mortgage loans.
Exxon Mobil Corp. (NYSE: XOM) signed a strategic alliance deal with OAO Roseneft, the state-controlled Russian oil giant, that will give the former access to potentially huge oil fields in the Arctic Ocean and Rosneft stakes in Exxon projects in the U.S. Shares of Exxon Mobil fell 0.05 percent or 4 cents to end at $74.08.
Shares of Clorox Corp. (NYSE: CLX) gained as billionaire investor Carl Icahn announced that he will pay $78 a share, or $10.3 billion in cash and notes to back stop the sale process initiated by the company's board. It is the third takeover offer in two months for the maker of bleach and Glad trash bags. Shares of Clorox added 2.72 percent or $1.87 to finish at $70.50.
Medtronic Inc. (NYSE: MDT) along with NuVasive Inc., makers of medical devices for spinal surgery, are each seeking to convince a San Diego federal jury that the other infringed patents relating to products used in minimally invasive surgeries.