“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.
It’s not Apple, it’s the ‘fiscal cliff,’ stupid – November 9, 2012