U.S. Stocks, ETFs Rise On Fiscal Cliff Hope

Print This!

Major U.S. stock indexes and ETFs rise for the fifth day in a row on hope for resolution of the fiscal cliff.

green arrow 300x300 U.S. Stocks, ETFs Rise On Fiscal Cliff HopeRepublicans 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.

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.