24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Stocks Jump over Possible Fiscal Cliff Deal

Stocks staged a rally Monday afternoon on signs a deal in the "fiscal cliff" was near.

The Dow Jones industrial average jumped more than 130 points to about 13,068 around 3 p.m. ET after Senate Minority Leader Mitch McConnell said a deal was near to avoid raising taxes on most Americans.

U.S. stocks had struggled for most of the last day of the year, with the "fiscal cliff" just hours away and Republicans and Democrats yet to hammer out a budget deal.

The Dow opened lower, with investors disappointed that politicians hadn't reached an agreement over a weekend of terse, stop-and-go negotiating. With no clarity on whether a deal would get done, and what it would look like if it did, the Dow spent the morning flitting between small gains and losses.

Source: USA Today. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  • Drave Robber||

    I don't follow stock markets, but in foreign exchange U.S. dollar always jumps a bit on "no deal" news and dips on "deal is close". Well, eurouble is lifted by year-end effects, but still going over the cliff seems positive for dollar.

advertisement