- ‘Welcome to the edge of freedom’: Biden’s boots touch down in DMZ
- Obama: Hole U.S. ‘digging out of’ requires billions more in unemployment benefits
- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
Retailers pull stock market lower on poor holiday sales
The Senate is due in session Thursday, and President Barack Obama is expected to return early from his Christmas vacation in Hawaii, arriving back in Washington early Thursday. Still, congressional officials said Wednesday they knew of no significant strides toward a compromise over the long Christmas weekend, and no negotiations have been set.
It’s not clear that the market would automatically rise if there is a deal, or automatically fall if there isn’t. Except for the past three days, the market has risen more or less steadily since mid-November despite the lack of a “fiscal cliff” deal. That means many traders have been assuming that lawmakers would work out something before the deadline, so any positive effect from a compromise is already baked into stock prices.
While a compromise is still possible, some analysts said that what the market feared most wasn’t the cliff, but the possibility that lawmakers would come up with only a stop-gap solution. That would probably mean they’d have to meet again in the new year to hammer out a permanent deal, dragging out the uncertainty.
“It’s like ripping the Band-Aid off now versus later,” Cavanaugh said. “The Band-Aid’s got to come off. We’ve got to cut spending, we’ve got to pay down the debt.”
The bright spot was a report from the Standard & Poor’s/Case-Shiller national home price index, which said that home prices rose in most major U.S. cities in October compared with a year ago. However, prices fell in many cities compared to the month before.
The yield on the benchmark 10-year Treasury note edged down to 1.75 percent from 1.77 percent Monday, a sign that investors were taking money out of stocks and putting it into bonds.
It was the first trading day after the Christmas holiday. Trading volume was low, and European markets were still closed.
Just 2.3 billion shares were traded on the New York Stock Exchange. For the year so far, the average has been around 3.6 billion.
- Bill OReilly reminds: Nelson Mandela was a communist
- Obama administration issues permits for wind farms to kill more eagles
- Kill team: Obama war chiefs widen drone death zones
- PRUDEN: British press horrified as London's new mayor dares to proclaim the truth
- Obama: Hole U.S. 'digging out of' requires billions more in unemployment benefits
- Spike in battlefield deaths linked to restrictive rules of engagement
- 'Hunger Games' delivers Obama's message on income inequality
- Rush Limbaugh: Obama trying to make Mandela death about himself
- Craigslist killers: Police say newlyweds stabbed man for thrills
- NYC alarms with notice: Immediately surrender your rifle
Independent voices from the The Washington Times Communities
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
A stat-head’s outlook, direct from his worn in couch cushion.
Classical music and the performing arts: news and reviews you can use.
Covering the world of soccer, including the World Cup, Major League Soccer, D.C. United and the English Premier League and other interesting sporting events.
White House pets gone wild!