President Obama and congressional leaders will meet to discuss the impasse at the White House on Friday. The House of Representatives will return on Sunday. A failure to communicate here (reach a fiscal cliff deal) could push the U.S. economy off the cliff and into a into a recession.
Investors are praying that their glorious leaders will at least be able to reach some sort of breakthrough that will postpone some of the automatic tax hikes and spending cuts due to take effect on Jan. 1.
Bank of America (BAC) was at a new high yesterday but is down premarket this morning.
The top six Dow stock gainers this year are BAC, HD, DIS, JPM, TRV and AXP. BAC is a double, HD and DIS are up more than 30% and TRV and AXP are up more than 20%.
European stocks are all lower and Asian markets all closed higher.
Have a Super Sparkly day!
Earnings reports (estimates): None.
0830 ET USDA weekly Export Sales.
0945 ET Dec Chicago purchasing managers index expected +0.6 to 51.0, Nov +0.5 to 50.4.
1000 ET Nov pending home sales expected +1.0% m/m and +10.5% y/y, Oct +5.2% m/m and +18.0% y/y.
1100 ET DOE Weekly Petroleum Status Report.
1500 ET USDA quarterly Hogs & Pigs report.