Flat Session to Start Week as Fiscal Cliff Looms
This was about as flat a session as you are going to see. Wall Street finished nearly unchanged Monday, starting the week with the same uncertainty over the fiscal cliff that has left the market rattled. With the Federal Reserve and Banks closed for Veteran’s Day, there wasn’t any positive economic news to shift investor attention. Stocks began today’s session on a higher note. However, the S&P 500 followed the early strength with a slide into the red. The finish was at least more positive than what we saw following last week’s tumble. Major averages recovered late morning to climb towards fresh session highs before sliding towards breakeven and holding that level by the close. The Dow Jones industrial average slipped 0.23 point to 12,815.16, never rising more than 46 points or falling more than 32.. The Standard & Poor’s 500 Index added 0.15 point, or 0.01 percent, to 1,380.00. The Nasdaq Composite Index was off 0.62 point, or 0.02 percent, to 2,904.25.
Crude oil for December delivery fell by 50 cents, or 0.6%, to settle at $85.57 a barrel on the New York Mercantile Exchange. Gold settled at $1,730.90 an ounce, losing early ground despite the weak move in equities. The market is just full of uncertainty, regardless of asset class. Volume on the day was extremely low, and expect that to continue until we get some resolution.