Futures Up For Now on Last Minute Negotations
Well last week was rough and things look to be turning around, at least to this point in Monday’s premarket. Even if you have been living under a rock, you know that tonight is the night; the fiscal cliff will be here at the stroke of midnight as glass balls drop across the globe. We will no doubt here that Washington is scrambling for a small scale compromise, same story different day. It will be interesting to see what markets will do if a deal collapses; will we retest the November lows? Equities will look to end a five session losing streak as futures for the Dow Jones Industrial Average rose 31 points, or 0.2%, to 12,808.0, while futures for the Standard & Poor’s 500 index added 5.9 points, or 0.4%, to 1,389.90. Those for the Nasdaq-100 index gained 2.75 points to 2,588.75.
Major averages fell once again as the cliff is all but here and a deal is nowhere to be found. Nervous markets inched closer to November lows as 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.
Currencies and Commodities
The dollar rose 0.24% at 86.1700 yen in the currency market. The euro is losing 0.17% at $1.3193 while the pound appreciated 0.14% to $ 1.6176. Gold is rising $8.70 to $1,664.60 an ounce, while silver is rising 0.37% at $30.10. Light, sweet crude for February delivery is down 60 cents to $90.20 per barrel on the NYMEX; a 0.66% decline.