“Wall Street mostly edged higher on Monday, with the S&P 500 on track for double-digit gains for the year, as politicians bargained for a deal to avert the ‘fiscal cliff,'” Ryan Vlastelica reports for Reuters.
“Equities are coming off a five-day streak of losses, driven by the growing concern that there wouldn’t be a deal before the midnight deadline to avoid the combination of tax hikes and spending cuts that could force the U.S. economy into recession,” Vlastelica reports. “Taxes were set to rise for many Americans this week unless U.S. lawmakers could cut a last-minute deal, an outcome that was possible but seemed unlikely even as the Senate reconvened to continue discussions on the fiscal cliff.”
Vlastelica reports, “Gains in Apple Inc., the most valuable U.S. company, helped lift the Nasdaq. The stock rose 2.6 percent to $522.71, lifting an S&P index of tech shares (.GSPT) up 0.6 percent. For the year so far, Apple is up 29.1 percent.”
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