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Santa Claus Skips Wall Street

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Today's financial recap and tomorrow's financial outlook.

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MINYANVILLE ORIGINAL Stocks fell on Wednesday after an early rally fizzled out.

S&P 500 (INDEXSP:.INX) futures started the day on a positive note after President Obama cut a vacation short to head back to Washington to work on a fiscal cliff deal. However, the party didn't last long, even though the Case-Shiller Home Price Index exceeded expectations and drove financials to outperform on the day.

Ultimately, the market seems to be operating on a combination of profit-taking after a solid year, notably in Apple (Nasdaq:AAPL), and pessimism regarding a fiscal cliff compromise.

And unusually, the fall in stocks came despite a near-3% rally in crude oil, which was up past the $91 level. Typically, oil and equities have been positively correlated.

In stock news, Marvell Technology (Nasdaq:MRVL) suffered a huge decline after a US District Court jury ordered it to pay $1.17 billion to Carnegie Mellon University as part of a patent dispute. On the positive side, BlackBerry maker Research In Motion (Nasdaq:RIMM) rallied sharply as the bullish case for its upcoming BlackBerry 10 operating system is increasingly catching fire with investors.

Tomorrow's Financial Outlook

For Thursday, we're expecting more of the same low-volume, meandering market we've seen this week. However, we will see the jobless claims report and the new home sales report, the latter of which may confirm the strength we saw in today's Case-Shiller numbers.

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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