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Wednesday Morning Business Brief

November 7, 2012, 5:35 AM

Wednesday Morning Business Brief

Stocks rose strongly in Tuesday trading. The Dow surged 133 points to 13,246. The S&P was up 11 points, while the Nasdaq surged 12 points. Futures trading suggests gains this morning. Benchmark crude oil fell, but remained above $88 per barrel.

  • The re-election of President Barack Obama gave international stock markets a boost today, though concerns remain over his ability to steer through a budget agreement through a divided Congress. Benchmark crude oil fell, but remained above $88 per barrel. The dollar fell against the euro and was flat against the yen.
  • Just one economic report of note is on today's calendar. The Federal Reserve releases consumer credit figures for September.
  • Greece's coalition government faces its toughest test so far when lawmakers vote today on new austerity measures demanded to keep the country afloat. The$17.3 billion package is expected to scrape through, following a one-day debate. But potential defections could severely weaken the conservative-led coalition formed in June with the intention of keeping Greece in the euro.
  • Superstorm Sandy was a boon for the television network evening newscasts, most prominently for Brian Williams and NBC's "Nightly News." The ABC, CBS and NBC newscasts have collectively drawn 21.2 million viewers a night this fall. The Nielsen company says that last week, with an epic storm over the eastern third of the U.S. that caused big damage on the New Jersey coastline and in the New York City metropolitan area, the newscasts had nearly 5 million more viewers a night.

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