MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Advance for Week as Investors Watch Budget Talks; as reports signaled stronger economic growth and investors weighed prospects for a budget deal in Washington. The S&P 500 climbed 1.2 percent this week to 1,430.15, the biggest rally since Nov. 23. The Dow Jones Industrial Average added 55.83 points, or 0.4 percent, to 13,190.84. The S&P 500 rose earlier in the week as House Speaker John Boehner said he expects to keep working on a budget plan with President Barack Obama and reports on industrial production and economic growth topped forecasts. The index sank 0.9 percent on Dec. 21 as Boehner canceled a vote on a plan to allow higher tax rates on annual income above $1 million, yielding to resistance within his own party and spurring concern that Congress will fail to reach a budget compromise.

European Stocks Post Fifth Weekly Gain; as investors awaited developments in U.S. budget negotiations to avoid automatic tax hikes and spending cuts. The benchmark Stoxx Europe 600 Index (SXXP) rose 0.6 percent to 280.95 this week, paring gains after U.S. House Republicans canceled a vote on higher taxes for top earners, fueling concern budget talks will fail. The equity benchmark has rallied 20 percent from this year's low on June 4 as the European Central Bank and the Federal Reserve introducedbond-buying programs, and U.S. gross domestic product growth beat forecasts.

Crude Oil Drops on Budget Talks Impasse: Commodities at Close-Crude oil fell for the first time in six sessions on concern that U.S. lawmakers will fail to avert a fiscal crisis after House Republican leaders canceled a planned vote on higher taxes for top earners. On the New York Mercantile Exchange, oil futures for January delivery slumped 1.6 percent to $88.66 a barrel, the first drop since Dec. 13.

Source: Jupiter Securities Research - 24 December 2012