Are We Going to Get a Deal?! Wall Street Tumbles Friday

Market Summary

Wall Street moved closer to November lows, posting sharp declines on Friday as Washington continued its do nothing mantra. It is the great unknown, and frankly underwhelming regardless as any deal will be small in scale. Monday’s session will be interesting as well, with all eyes on the fiscal cliff set to arrive on New Year’s Eve. What a year it has been, one year further removed from the financial crisis. Economic growth is persistent in the US, yet things just still don’t feel right. On the economic front, pending home sales are at their highest level since the good old days of the first time homebuyer tax credit. Looking back to Friday’s losses, the Dow Jones Industrial Average shed 158.20 points, or 1.2%, at 12,938.11. The S&P 500 Index shed 15.67 points, or 1.1%, at 1,402.43, while the Nasdaq Composite Index lost 25.59 points, or 0.9%, at 2,960.31. The session’s losses capped of the week’s declines. The blue chips fell 1.9%, the S&P tumbled 1.9% as well, while the Nasdaq posted the sharpest losses, off 2.0%.

Crude for February delivery fell 7 cents, or 0.1%, to settle at $90.80, but finished off session lows. Oil finished the holiday-shortened week higher by 2.4%. Gold fell $7.80, or 0.4%, to settle at $1,656.30 an ounce, losing 0.3% on the week.

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