U.S. stock markets have reversed course sharply, recovering from
a morning beat down that saw the Dow Jones Industrial Average post
an early triple-digit loss.
Its recovery came after House Speaker John Boehner made
optimistic comments that a deal on the so-called 'fiscal cliff'
issue can be reached. But the Nasdaq and S&P 500 averages are
still slight laggards, posting small losses, unable to claw their
way back to the plus side thus far.
Markets had opened lower across the board as investors still
feel nervous over the fiscal cliff negotiations, with stocks
picking up where they left off Tuesday: sliding south. Fueling
fears of another market-drubbing repeat of last year's
Congressional failure to deal with the U.S. debt situation in an
effective way, were downbeat comments from Majority Senate Leader
Harry Reid, who stated that Congress had made little progress in
reaching a deal to avoid the automatic end-of-year tax increases
and spending cuts.
Adding to the negative sentiment was weaker-than-expected new
home sales data. New home sales in October hit an annualized rate
of 368,000, which is down from September's revised rate of 369,000,
and worse than the rate of 388,000 that had been broadly expected
by the Briefing.com consensus.
In individual stock news of note, shares of Green Mountain
Coffee Roasters (
) is now up 24% at around $35.90 but off a day high $36.35, after
the company announced bullish quarterly earnings and forward
guidance on Tuesday after the close.
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