First, the scoreboard:
- Dow: 12,760.25 -54.83 (-0.43%)
- S&P 500: 1,374.72 -5.31 (-0.38%)
- Nasdaq: 2,883.89 -20.37 (-0.70%)
Now, the top stories:
- Markets were extremely quiet for the second straight day. The bond market was shut yesterday for Veterans Day, and there wasn’t any notable economic data out today either. A Complete Overview Of Global Markets And Where They Are Going >
- Spain’s stock market rallied today on rumours that it would be requesting a bailout. The IBEX gained over 1.5 per cent and Spanish bond yields fell the most they have in six-weeks.
- Congress returned to Washington today to debate the fiscal cliff. Despite recent hints that both sides were conciliatory, Senate Minority Leader Mitch McConnell has emerged as the biggest obstacle to a deal. Meanwhile, a Washington Post poll showed that more people would blame Republicans than Democrats if a fiscal cliff deal isn’t reached. Stephanie Kelton’s Epic Presentation On The Fiscal Cliff And The Potential Tragedy Of A Deal >
- Local governments in Greece are rejecting the austerity measures passed down to them from the central government. Greece’s troika of international lenders (the EU, ECB, and IMF) thought Athens had agreed to controversial labour reforms that were part of a larger package of spending cuts. However, a local mayor in Thessaloniki has refused to comply with layoffs that comprise part of the cuts, which may present a major obstacle to the implementation of austerity in Greece.
- Cisco reported earnings after the closing bell. The company beat consensus estimates for both earnings and sales figures. Gross margins also came in above expectations. CEO John Chambers said in the release, “Cisco is at the centre of the major market transitions – cloud, mobility, video – and yet we believe the largest market transition lies ahead of us, as the Internet of Everything becomes a reality.”
- DON’T MISS: The Ultimate Guide To The Fiscal Cliff — Here’s What It Is, And What It Could Do To The Economy >
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