The Dow closed down -35.71 (-0.27%) at 13,151.01 last Friday.
Last week DJIA was down -0.2%, Nasdaq -0.2%, S&P 500 -0.3% and Russell 2000 +0.2%.
Year-to-date DJIA is up +7.5%, Nasdaq +14.1%, S&P 500 +12.4% and Russell 2000 +11.2%.
Over the weekend House Speaker John Boehner made another offer to Obama. This time to raise tax rates on those making at least $1 million. The White House said it didn’t go far enough but described the offer as “progress.” Obama wants it to be $250,000.
Under current law, the 35 percent top tax rate is scheduled to expire on January 1, and would automatically go to 39.6 percent, where it was during the Clinton administration.
Boehner also has increased to $1 trillion his figure for total revenue, compared to Obama’s figure of $1.4 trillion. The balance of a 10-year deficit-reduction plan would come from spending cuts.
You know that if they do a deal, it probably won’t be until December 31st.
European stocks are mostly down and Asian markets ended mixed.
The national average price of gasoline is down nine-tenths of a cent to $3.248 per gallon.
Earnings reports (estimates): SHFL-SHFL Entertainment ($0.21).
0830 ET Dec Empire manufacturing index expected +4.2 to -1.0, Nov +1.0 to -5.2.
1100 ET USDA weekly grain export inspections.
1100 ET Fed Governor Jeremy Stein speaks on “Dollar Funding and Global Banks” at the Global Research Forum at the ECB in Frankfurt.
1300 ET Treasury auction of $35 bln in 2-year T-notes.
1300 ET Richmond Fed President Jeffery Lacker speaks in Charlotte on U.S. economic outlook.