Asbestos names moved higher as Sen. Arlen Specter (R-Pa.) and Sen. Patrick Leahy (D-Vt.) said an agreement for a $140 billion fund for asbestos victims could be near. The plan has been in Congress since January.
Armstrong Holdings jumped 13 points to the 80-81 range.Owens Corning rose to 114 from 109 1/4-110 1/4, where it traded last week. Two weeks ago the name climbed as a ruling by Judge John Fullam set at $7 billion the amount of claims against the company caused by asbestos exposure.USG Corp. was bought around 121-122. W.R. Grace inched half a point to 122 1/2-124 1/2 and Federal Mogul Corp. remained steady at 93-94.
Following the presidential election last November the market anticipated a quicker resolution of the asbestos settlement (LMW, 12/6/4). A Republican majority in Congress and Tom Daschle's failed reelection bid were interpreted as positives.