- Pa. police pull people over for random DNA tests for feds
- NASA pushing hard to get back into space game
- Harvard student to face federal charges for bomb hoax
- Ronnie Biggs of ‘Great Train Robbery’ fame dies, 84
- Pope Francis wins another ‘Person of the Year’ — from gay rights magazine
- Rep. Steve Stockman: Give my campaign $10, and you’ll get an Obama barf bag
- Putin: Russia to buy $15 billion in Ukraine bonds
- Expert: Obamacare ‘death spiral’ fears exaggerated
- Alabama firefighters dig for survivors of apartment blast
- Big Sur wildfire destroys home of firefighting chief
‘Fiscal cliff’ whipsaws stocks; confidence dims
Derrick Irwin, portfolio manager for Wells Fargo Advantage Funds, said he’s “not particularly concerned” about the fiscal cliff — but he is concerned about the economy.
“The economy is going to do what the economy is going to do,” Irwin said, “it just doesn’t look too good.”
Trading volume was light, with many investors still on Christmas vacation. About 2.8 billion shares traded hands, compared to an average this year of about 3.6 billion. Light volume can make the market more volatile. When fewer shares are changing hands, relatively small trades can move the overall market.
The yield on the 10-year Treasury note edged down to 1.74 percent from 1.75 percent.
Among stocks making big moves:
• Chipmaker Marvell Technology Group dropped more than 3 percent, falling 26 cents to $7.14, after the company lost a patent case brought by Carnegie Mellon University. Marvell said it would fight the $1.2 billion ruling.
• JCPenney fell nearly 6 percent, losing $1.23 to $19.52, after rising more than 4 percent the day before. The stock has been volatile as the company tries to remake its image to attract younger shoppers.
• Steinway Musical Instruments fell more than 4 percent, down $1.02 to $21.50, after announcing that it doesn’t plan to seek buyers.
• AP business writer Daniel Wagner contributed from Washington.
By John R. Bolton
The president fiddles at his domestic altar while the world burns
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- PRUDEN: The scam that will not die
- Gov't wasted $30 billion on 'pillownauts,' crystal goblets -- buying human urine!
- Top Democrats reject court ruling over NSA spying on Americans
- BOLTON: Nero in the White House
- White House is obstructing probe on Navy Yard shooter, NSA leaker, Darrell Issa says
- We told you so: Conservatives foresaw polygamy ruling
- Colorado revolt: 55 of 62 sheriffs refuse to enforce new gun laws
- Senators in rush to pass budget vow to undo cut to military retirement pay
- Embassy Row: India strikes back over diplomat's arrest
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