U.S. stocks cut losses as lawmakers voice optimism following ‘fiscal cliff’ talks

“Stocks erased their losses as lawmakers voiced optimism on avoiding the ‘fiscal cliff’ following a meeting with President Barack Obama,” JeeYeon Park reports for CNBC. “‘I believe that the framework that I’ve outlined in our meeting today is consistent with the President’s call for a fair and balanced approach,’ said Republican House Speaker John Boehner in a statement following the meeting. ‘I believe we can do this and avert the fiscal cliff that’s right in front of us today.'”

“The Dow Jones Industrial Average erased its losses to turn higher, after logging its fourth-straight losing streak in the previous session,” Park reports. “The S&P 500 and the Nasdaq also came off their lows… Worries over the fiscal cliff have pressured stocks ever since last week’s presidential election, pushing major indexes down more than 5 percent across the board so far.”

Park reports, “On the economic front, industrial production unexpectedly declined by 0.4 percent in October due to Hurricane Sandy, according to the Federal Reserve. The Fed said the storm is estimated to have reduced the rate of change in output by nearly 1 percentage point. Economists polled by Reuters had expected a 0.2 percent gain.”

Read more in the full article here.

Related article:
It’s not Apple, it’s the ‘fiscal cliff,’ stupid – November 9, 2012

16 Comments

  1. Got back in at $508. Just a few options at this point. Got to watch out for suckers rallies. We’ll see how this goes. Remember, if you get back in down here don’t leave your money on the table forever. Because as you can see even AAPL will tank eventually.

  2. In our town here in Oregon, the price of gasoline steadily climbed in the lead-up to the election to about $3.99 per gallon. That’s where it was the weekend before election day. Seven days later, it was $3.59. After 9 days it was $3.29. There was nothing driving the price of gas other than the election. I firmly believe that the Republican oil executives were trying to make the economy as bad as possible in order to push people to vote against Obama. Whether that was part of the Republican Party strategy or not, I leave to the reader to decide. My point is that the manipulation is quite apparent and is an extension of the manipulation we saw when the Republicans were trying to get re-elected in 2008. Bush presided over $4 per gallon gas until June of 2008, then during the campaign the price dropped to $1.86 by election day. It steadily rose over the next 4 years to $4 again this election day. Now that the Republicans have lost again, the pressure is off and prices plunge once more.

    1. You need to screw your tinfoil hat on tighter before you lose your one brain cell. Next, you might want to explore actual reasons why gasoline prices fluctuate before you make a total jackass of yourself again.

      1. My, what an air tight, geometric explanation of why I might be wrong. Do you have even one fact in your arsenal? Do you have ANY other explanation? Maybe we need to wait for Rush or Hannity to come up with the usual Alice-in-Wonderland explanation before you have any ideas of your own? Why would gasoline prices drop 20% in 10 days beginning the day after the election?

        1. And I wouldn’t be too anxious for the 2014 congressional elections to roll around if I were you. If Boehner and the Republicans continue to be the asshats that they have been so far. They’re going to lose even more seats. Try to take away the mortgage deduction and screw with social security, and see just how fast they get escorted out of the building.

        1. No doubt. Before each election in 2004 and 3008 mainly, my GF and I would watch gas prices go steadily down until the day of the election and then watch them go steadily up after that.

          We found it to be extremely odd that they went up before the 2012 election.

          1. A Democratic administration was in office in 2012. That’s why they went up instead of down. If we had had a sitting Republican administration they would have gone down, like 2004 and 2008.

  3. Goooooooooooood Morning Americanistan!

    Yeah, it will be no problem… promised… sure… guaranteed…

    Haahahahahahahahahahahaha!

    Enjoy the ride down to socialist paradise.

    Courtesy of Emperor Hussein Obsama Noclue Dumbass, duly elected with 108% of the votes.

    1. Before you are allowed to post any more, I think you should tell us:
      – How old you are.
      – What grade level you have “achieved” in school.
      (And, of course, you have to show us your birth certificate.)
      You come across like a 14-year-old who is a grade 6 dropout.

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