Major U.S. stock indexes and ETFs rise for the fifth day in a row on hope for resolution of the fiscal cliff.
Republicans and Democrats traded proposals and continued their public debate as the clocks ticks towards December 31st amidst reports that progress is being made. Everyone says they’re “hopeful,” however, few details were available and House Speaker John Boehner won the quote of the day with his “”Let’s be honest, we’re broke” comment.
Senate Democratic Leader Harry Reid said it was going to be tough to get a deal by Christmas and so the days tick on, with now just 20 days remaining to the fiscal cliff.
For the day, major indexes and ETFs rallied but then stalled and fell back after Senator Reid’s comments and at significant technical resistance levels.
Major Stock and ETF Indexes:
Dow Jones Industrial Average (NYSEARCA:DIA) +0.60%
S&P 500 (NYSEARCA:SPY) +0.65%
Nasdaq 100 (NYSEARCA:QQQ) +1.3%
Russell 2000 (NYSEARCA:IWM) +1.05%
Gold (NYSEARCA:GLD) -0.09%
Oil (NYSEARCA:USO) -0.13%
The Federal Reserve meets today and tomorrow and most economists and analysts expect a new round of quantitative easing to the tune of $45 billion/month to replace the Operation Twist program that expires at the end of the year. After tomorrow’s announcement we’ll hear from Dr. Bernanke at his press conference.