U.S. Stocks Fall on Housing Data, Budget Negotiations; as deteriorating federal budget negotiations fueled concern that automatic tax increases and spending cuts will be triggered. The S&P 500 lost 0.8 percent to 1,435.81 today. The Dow Jones Industrial Average slipped 98.99 points, or 0.7 percent, to 13,251.97. The Chicago Board Options Exchange Volatility Index, known as the VIX, jumped 12 percent to 17.36 for the biggest gain since Oct. 23. The S&P 500 has rallied 14 percent this year and is up 1.4 percent in December after the Federal Reserve extended its unprecedented monetary-stimulus efforts. Stocks retreated today as White House Communications Director Dan Pfeiffer said President Barack Obama would veto a tax and spending proposal presented by House Speaker John Boehner because it would put 'too big a burden on the middle class.
European Stocks Rise on German Business Confidence Report; as German business confidence rose more than forecast and optimism mounted that U.S. policy makers will reach an agreement on next year's budget. France's CAC 40 and the U.K.'s FTSE climbed 0.4 percent. Germany's DAX gained 0.2 percent. Greece's ASE rallied 4.8 percent.
Oil Drops From Two-Month High as U.S. Budget Talks Deteriorate; as budget negotiations deteriorated in the U.S., threatening the economy of the world's biggest crude user. Crude for February delivery slid as much as 39 cents to $89.59 a barrel and was at $89.64 in electronic trading on the New York Mercantile Exchange at 10:58 a.m. Sydney time. The January contract, which expired yesterday, rose $1.58 to $89.51, the highest settlement since Oct. 19. Front-month prices are down 9.3 percent this year.
Source: Jupiter Securities Research - 20 December 2012
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....