Stocks Fall As Fiscal Cliff Approaches

Print This!

Stocks continued to decline on Wednesday with time running out for avoiding the fiscal cliff. 

Although President Obama cut short his Christmas vacation in Hawaii to resume budget negotiations, investor anxiety continued to build on Wednesday as time for resolving the budget dispute continued to tick away.  SPX Chart Dec 26 300x227 Stocks Fall As Fiscal Cliff ApproachesRetailers led the decline after retail sales rose only 0.7 percent from October 28 through December 24.  This year’s holiday season retail sales fell far short of last year’s 2 percent increase during the same time frame.  Which Way Wednesday – Cliffmas Is Upon Us

As of 2:19 EST, the Dow Jones Industrial Average declined 15 points (0.12 percent) to 13,123.  The S&P 500 Index fell 0.38 percent to 1,421 (NYSEARCA:SPY).  The S&P 500 chart exhibits an inverse head-and-shoulders pattern, which we have been following since November 23 (see green bar on chart) suggesting a further advance.  Since that time, a larger inverse head-and-shoulders pattern has developed (indicated by the blue bar).  Unfortunately, the index is on its way back down toward its 50-day moving average of 1.413.  If that support level does not hold, the index will break the neckline of the inverse head-and-shoulders pattern, causing investors to head for the exits (Chart courtesy of  The Nasdaq Composite dropped 0.50 percent to 2,997 (NASDAQ:QQQ).  The Russell 2000 Index declined 0.47 percent to 840 (NYSEARCA:IWM).

The “Dollar Bull” Index ETF (NYSEARCA:UUP) advanced by 1 cent (0.04 percent) to 21.77 as of 2:12 EST.

As of 2:00 EST, the S&P 500 Volatility Index – or VIX – advanced 8.52 percent to 19.36  and the VIX Short-Term Futures ETN advanced 4.82 percent to 33.50 (NYSEARCA:VXX).  Money Life Show With Chuck Jaffe

The major European stock exchanges were closed on Wednesday.

As of 2:05 EST, the euro advanced 0.27 percent against the dollar, trading at $1.3219 (NYSEARCA:FXE).

On London’s ICE Futures Europe Exchange, February futures for Brent crude oil advanced by $2.09 (1.92 percent) to $110.89/bbl. (NYSEARCA:BNO, NYSEARCA:USO).

February Gold futures advanced by $1.40 (0.08 percent) to $1,660.00 per ounce (NYSEARCA:GLD).

ETF Summary: 

Pages: Next

Be kind & share...Share on Facebook0Tweet about this on Twitter0Share on LinkedIn0Pin on Pinterest0Share on Google+0Digg this

Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.

Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Linkedin
Make sure you create your redirects.txt file and that it's readable by the redirect script.