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There was a lot of noise today. But after spending most of the day deep in the red, stocks recovered almost all of their losses following a late headline from the House.First the scoreboard:
Dow: 13,096, -18.2, -0.1 per cent
S&P 500: 1,418, -1.7, -0.1 per cent
NASDAQ: 2,985, -4.2, -0.1 per cent
And now the top stories:
- A lot of headlines about the fiscal cliff crossed today, sending markets into a tizzy. But the only thing you need to know is that late in the afternoon, House Speaker John Boehner called the House to reconvene on Sunday night. Because we still have no fiscal cliff deal.
- The day started with some important economic data, that eventually became an afterthought. We learned that initial weekly jobless claims fell to 350k, which was better than the 360k economists were looking for.
- New home sales jumped 4.4 per cent in November, which was a faster pace of growth than expected. However, last month’s sales level was revised lower.
- A disappointing consumer confidence report took some wind out of the markets. The Conference Board’s measure fell to 65.1 from 73.7 a month ago. Economists were looking for a reading of 70.0.
- The market sell-off accelerated shortly after 10:00 AM when Senate Majority leader Harry Reid addressed the Senate and warned that “it looks like” we’re going over the fiscal cliff.
- Markets quickly bounced back when Massachusetts Senator Scott Brown said that President Obama had “reached out to Senate GOP leadership with a proposal.”
- But the Scott Brown rally fell apart after NBC’s John Harwood reported that the president would “NOT be sending a fiscal cliff proposal to Capitol Hill.”
- After trading near the lows of the day for much of the afternoon, markets recovered almost all of their losses after Politico reported that Speaker Boehner would call the House back on Sunday night at 6:30 PM ET.
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