Independent voices from the TWT Communities
Stocks slumped on Wall Street Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington.
Investors drew little hope Wednesday for a quick compromise in U.S. budget talks after President Obama insisted that higher taxes on wealthy Americans would have to be part of any deal.
"The markets are getting whipped around, rather sharply, on headlines," said Sal Arnuk, co-founder at Themis Trading. "For example, Harry Reid feeling we're not making enough progress on the fiscal cliff."
Instead, Arnuk said, the remarks were "unyielding."
