Stocks sold off on Monday as the fiscal cliff weighed on traders' minds.
In a CNN appearance on Sunday, Senator Joe Lieberman said, “For the first time, I feel it’s more likely that we will go off the cliff.” That seems to be the attitude the market is reflecting, though it could be argued that the market has been due for a breather given that the S&P 500
(INDEXSP:.INX)rallied 5% between November 28 and December 18.
In stock news, multi-level marketing company Herbalife
(NYSE:HLF) sank yet again from the weight of hedge fund honcho Bill Ackman's very public attack on the company. This came despite Herbalife announcing an acceleration in its share repurchase program, and the appointment of Moelis & Company as a strategic advisor, which could be a precursor to the company going private.
We also saw weakness in Microsoft
(Nasdaq:MSFT) and semiconductor stocks following a New York Times article outlining poor PC sales following the launch of Windows 7.
Nonetheless, it was a pretty uneventful day, which was to be expected given that today is Christmas Eve with an early market close at 1 p.m. ET.
Tomorrow's Financial Outlook
On Wednesday, we won't see any earnings reports. However, we will see the S&P/Case-Shiller home prices report, which could give some insight into the strength of the housing market. Elsewhere, the market is most likely to react to fiscal cliff related news.
No positions in stocks mentioned.
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