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UPDATE: Markets are surging on reports of Republican defectors on fiscal cliff talks.Bloomberg reports that “Representative Kay Granger of Texas is endorsing Oklahoma Republican Tom Cole’s call to extend all tax cuts for middle-class.”
The Dow is now up 130 points.
11:59 AM: The Dow is now up 92 points and the S&P is up 42 points.
11:38 AM: Markets are making a comeback. The Dow is up 49 points and the S&P is up a fraction of a tick.
11:03 AM: Markets are selling off, with the Dow down 15 points and the Nasdaq falling 32 points or 1.1 per cent.
Mining behemoth Freeport-McMoRan is getting slammed after the company announced this morning that it would acquire McMoRan Exploration Co. (MMR) and Plains Exploration & Production Company (PXP).
Apple is down 5 per cent. There are reports circulating that clearing firms are raising margin requirements on the stock for clients.
One of the few winners today is Citigroup, which is up 5 per cent after announcing 11k job cuts.