Markets Are Staging A Huge Comeback After Boehner's Comments

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Photo: Google Finance

UPDATE:Market are now near their highs of the day.

EARLIER (10:59 AM EST):

Stocks had an ugly start this morning with the Dow down over 100 points.  But they have been roaring back and are flat for the day.

Reuters reported that Republican House Speaker John Boehner is optimistic that a fiscal cliff deal can be reached with President Obama.

This is in contrast to yesterday when Senate Majority Leader Harry Reid said he was “disappointed” by the lack of progress.  Reid’s comments were followed by a sharp sell-off.

If Congress is unable to make a deal, a series of tax cuts and spending programs are set to expire by the end of the year, potentially cutting 2013 GDP by as much as five per cent.

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