Stocks steady as investors wait on budget
by Steve Rothwell
The Associated Press
November 30, 2012 11:59 PM | 436 views | 0 0 comments | 4 4 recommendations | email to a friend | print
NEW YORK — Stocks ended the week more or less where they started it. Investors were watching closely while lawmakers in Washington worked at thrashing out a budget agreement.

After inching 3.76 points higher on Friday, the Dow Jones industrial average closed at 13,025.58. That’s a gain of just 16 points for the week, one of the Dow’s smallest moves this year.

Along the way, the market had several sharp turns both up and down after key figures in the talks, such as House Speaker John Boehner and President Barack Obama, offered contrasting views about how well the talks were going.

The Standard and Poor’s index edged up 0.23 point to 1,416.25. The index is up 0.5 percent for the week. The Nasdaq composite was down 1.79 points to 3,010.24. It gained 1.46 percent for the week.

The main driver for markets this week has been the talks between the White House and Congress over the “fiscal cliff,” a series of sharp government spending cuts and tax increases scheduled to start Jan. 1 unless an agreement is reached to cut the budget deficit. Economists say that those measures, if implemented, could push the U.S. economy back into a recession.
Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, spam, and links to outside websites will also be rejected. Please read our terms of service for full guides