Stocks round-tripped on Thursday as lawmakers continued to battle over the fiscal cliff.
Senate Majority Leader Harry Reid gave a scathing speech in which he accused House Speaker John Boehner of running a dictatorship within the House of Representatives that is blocking a deal the vast majority of the House approves of.
The combativeness contributed to early weakness in stocks, though the S&P 500
(INDEXSP:.INX) rallied intraday after Senator Scott Brown of Massachusetts announced on Facebook that President Obama reached out to the Senate GOP leadership with a proposal. Despite conflicting media reports on the veracity of Senator Brown's claims, the market finished strong into the close, with a notable turnaround in momentum leader Apple
In economics, jobless claims were better than expected at 350K, while the new home sales report disappointed. And interestingly enough, the December consumer confidence number of 65.1 disappointed due to fiscal cliff concerns.
Tomorrow's Financial Outlook
At 9:45 a.m. EST, the Chicago PMI will be released, followed by the pending home sales report at 10:00 a.m. EST. There are no earnings reports scheduled for tomorrow.
No positions in stocks mentioned.
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