Tag: market news

The top Senate negotiators on the effort to prevent the government from going over the "fiscal cliff" offered a pessimistic assessment Sunday barely 24 hours before a deadline to avert tax hikes on virtually every worker.

Senate Republican leader Mitch McConnell said he's yet to receive a response to an offer he made on Saturday evening to Majority Leader Harry Reid, D-Nev., the top Democratic negotiator. The Kentucky Republican said he's reached out to Vice President Joe Biden in hopes of breaking the impasse.

Despite indications of progress in the negotiations, Democrats said Republicans were proposing to slow future cost of living increases for Social Security recipients as part of a compromise to avoid the cliff. Democrats rejected the idea. Republicans declined to confirm the assertion _ and one GOP official disputed it _ but noted that President Barack Obama said in a television interview broadcast earlier in the day he had advanced such a proposal in earlier talks with Republicans. Continue reading "Senate leaders offer a pessimistic assessment of cliff talks Sunday" →

Stocks dipped Wednesday, recording their first loss of the week. President Barack Obama and Republicans in Congress sniped at each other, and a deadline to avoid sweeping tax increases and government spending cuts drew closer.

General Motors stock surged after the government announced plans to sell its ownership stake in the company.

The Dow Jones industrial average closed down 98.99 points, or 0.7 percent, at 13,251.97. The Standard & Poor's 500 index dropped 10.98 points, or 0.8 percent, to 1,435.81. The Nasdaq composite index fell 10.17, or 0.3 percent, to 3,044.36.

Obama said that he and House Speaker John Boehner were "pretty close" to a deal to avoid the tax increases and spending cuts, a combination known as the "fiscal cliff." The two sides have exchanged proposals this week.

But the president also said that congressional Republicans keep finding "ways to say no as opposed to finding ways to say yes." He said the nation deserves compromise in the aftermath of the Connecticut school shooting.

Boehner, speaking to reporters for less than a minute and in a defiant tone, called on Obama to offer a deficit-cutting plan balanced between spending cuts and tax increases. Continue reading "Stocks sink as budget deadline nears" →

With traders expressing continued optimism about the looming fiscal cliff, stocks may extend a recent upward move in early trading on Wednesday. The major index futures are currently pointing to a moderately higher open for the markets, with the Dow futures up by 32 points.

The markets may continue to benefit from signs of progress in budget negotiations between President Barack Obama and House Speaker John Boehner, R-Ohio.

Although the lawmakers have not yet reached an agreement with less than two weeks to go before the year-end deadline, recent moves toward a compromise have generated buying interest on Wall Street.

News that Standard & Poor's raised its credit rating on Greece may also help to push stocks higher, with S&P upgrading the rating on Greece to B-minus from selective default. Continue reading "Fiscal Cliff Optimism May Generate Further Buying Interest" →

While much of Washington is consumed by the debate over tax increases scheduled to take effect next year, big tax hikes have already gone into effect for millions of families and businesses this year.

More than 70 tax breaks enjoyed by individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return in the spring, according to an analysis by H&R Block, the tax preparing giant.

At the same time, businesses could lose dozens of tax breaks they have enjoyed for years, including generous credits for investing in research and development, write-offs for restaurants and retail stores that expand or upgrade and tax breaks for financial companies with overseas subsidiaries.

Lawmakers in both political parties say they expect to address this year's tax increases as part of a deal to avoid the "fiscal cliff" of automatic tax hikes and spending cuts scheduled to take effect next year. But as talks drag on, they are reluctant to deal with the 2012 tax increases separately because that would reduce pressure to reach a broader budget agreement. Continue reading "Millions face higher taxes real soon without fix" →

Can Apple (AAPL) possibly close unchanged or even lower for the year? As Apple goes, so goes the NASDAQ. Today we received another sell signal in Apple at 518.63. Watch today's mid-day update video and see how we have fared so far in 2012.

Watch our video from a week ago where Adam gives you his thoughts on Apple (AAPL) Here.

Cheers,
Adam Hewison
Co-founder of MarketClub.com