Market Wrap: Akamai's M&A Triangle; Woo! Tax Break!; Less Americans File, Trend Forms; Record Mortgage Rates

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December 22, 2011 5:55 PM EST
Market wrap-up for December 22nd

End of the Day: Dow Jones up 61.9 to 12,169.65; Nasdaq up 21.5 to 2,599.45

The following is a brief summary of events moving markets today:
  • Tax break to continue: Reports suggest Speaker Boehner and Majority Leader Harry Reid reached an agreement on the tax-cut extension. The measure will extend the payroll-tax break for two months, during which time there's sure to be lots of lobbying and positioning by both parties about future measures.

  • Mead Johnson has wrong formula: Mead Johnson (NYSE: MJN) took a tumble Thursday, ending the session just over 10 percent lower, following reports there was a death linked to the Company's Enfamil baby formula. Earlier, Wal-Mart (NYSE: WMT) was said to be initiating a limited recall on Mead Johnson's Enfamil baby formula product on reports the death of a child may be directly related to the product. For more color, click here.

  • Jobless down again, we're cautiously hoping for trend: According to data from the U.S. Department of Labor, Americans filing for jobless claims fell another 4,000 to 364,000 for the week ended December 17th, an unexpected drop when compared to the 380,000 economists were expecting. Dropping for the third-straight week, this is the lowest the data point has been since April 2008.

    Click here for more color.

  • With competitor gone, is Akamai a target?: Akamai Technologies (Nasdaq: AKAM) jumped 18.6 percent after announcing the acquisition of competitor Contendo, in a deal valued at $268 million. Amid the acquisition, some are still mulling an overall buyout of Akamai itself.

    For more color on the acquisition, Click here.

  • Any growth is good growth: The U.S. Department of Commerce said gross domestic product in the U.S. grew at a 1.8 percent annual rate in the third quarter, down from a previously revised 2.0 percent. Economists had been expecting the number to hold firm at 2 percent.

  • Buy houses!: Rates on 30-year mortgages fell to a record-low of 3.91 percent, the lowest its been since data started being collected in 1971. Rates last week were at 3.94 percent. For the 15-year, rates were flat at 3.21 percent.Click here for more color.
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