US chemical stocks, Dow Jones rise on fiscal cliff resolution

02 January 2013 17:08  [Source: ICIS news]

HOUSTON (ICIS)--US chemical stocks rose along with the Dow Jones Industrial Average on Wednesday, following the resolution of the “fiscal cliff” when US legislators passed a bill to prevent automatic tax increases and public spending cuts.

The US House of Representatives approved a bill late on Tuesday night to delay $109bn (€82.8bn) in spending cuts for two months, as well as extending existing middle-class tax cuts and tax credits for working families. The bill also raises taxes for the wealthy.

At 11:05 New York time (16:05 GMT), the index was at 13,334.53, up by 230.39 points or 1.76%.

The Dow Jones US Chemicals Index rose by 8.97 points, a 2.31% increase to 397.02.

Companies that jumped more than 5% include PolyOne, Valspar, Methanex and WR Grace.

Ashland and Tronox stocks rose by 4.92% and 4.36%, respectively.

Celanese had a 3.77% increase, and Huntsman stocks rose by 2.26%.

Dow Chemical had a 1.67% boost, while DuPont stocks increased by 1.43%.

No chemical company followed by ICIS indicated losses.

($1 = €0.76)

By: Tracy Dang
+1 713 525 2653

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