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Shipping stocks up after L.A., Long Beach port strike is resolved

December 05, 2012|By Andrew Tangel
  • Trucks line up at Pier J in Long Beach as clerical workers at the ports of Los Angeles and Long Beach returned to work Wednesday morning.
Trucks line up at Pier J in Long Beach as clerical workers at the ports of Los… (Al Seib / Los Angeles Times )

NEW YORK -- Stocks of shipping companies rallied 1% after a deal was reached to end a strike at the ports of Los Angeles and Long Beach.

An index of container shipping companies tracked by Bloomberg rose 0.92 points, or 1%, to 94.68 early Wednesday.

Bloomberg's BI GL Container Ship C Index includes stocks of such shipping giants as A.P. Moeller-Maersk, a Danish company, and China COSCO Holdings Co.

Major U.S. stock indexes meanwhile were mixed.

The Dow Jones industrial average was essentially flat at 12,953, almost two hours after the opening bell on Wall Street.

The broader Standard & Poor's 500 index fell 6 points, or 0.5%, to 1,401. The technology heavy Nasdaq fell 33 points, or 1%, to 2,964.

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