(As of 7:10 am pacific)
Stocks are mixed this morning with similar trading patterns
to last week. Shares of Apple continue
their downward slide, holding back the tech heavy Nasdaq. There are no economic reports on tap today,
and all eyes remain on the fiscal cliff.
President Obama and House speaker John Boehner reportedly met in the
White House yesterday, but a lack of information from the meeting have kept
investors complacent. European stocks
are taking a beating as Italian Prime Minister Mario Monti announced he would
step down effectively after Italy’s 2013 budget is approved. The resignation sent jitters throughout the
European markets. Asian stocks were
higher after a weekend of positive data out of China. Chinese industrial output climbed 10.1% and
retail sales were up 14.9%. Trade data
today showed Chinese exports slowed considerably in November as its two major
buyers, the US and Europe, continued to struggle. Oil and gold are higher and the US dollar is
mixed. The focus for the week will be on
the fiscal cliff and an important two-day Fed policy meeting that kicks off
tomorrow. Expect much of the same as
last week until a fiscal cliff resolution begins to form.
