(As of 7:20 am pacific)
Stocks are lower this morning as traders return to their
desks and lawmakers return to Washington to tackle the fiscal cliff. It was a record breaking weekend in terms of
retail sales as nearly 247 million Americans shopped in some form over the
weekend, whether by foot or online.
Retail sales are estimated at $59 billion, up 13% from the same period
last year, in line with expectations. It
was not enough to lift investor confidence however as Greece debt woes and US
fiscal issues dominated headlines.
European officials reconvene today in an attempt to release the next
tranche of aid payment to Greece. After
failing to come to an agreement last week, pressure is on the group of finance
ministers to come up with a plan to debt recovery and sustainability for
Greece. The immediate focus for the week
is on the fiscal cliff as lawmakers have just a few short weeks to come up with
a resolution to the $600 billion in automatic tax increases and spending cuts
set to hit the US economy January 1, 2013. Several republicans have broken away from a
no-tax pledge in recent days, including a Georgia senator over the weekend, signaling
a willingness to compromise. As the
weeks wind down in 2012, all eyes will be on Washington and whether or not
these comments can be backed up with actions.
