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Stocks Rally on Fiscal Cliff Progress and a Sweet Apple Turnover
MINYANVILLE ORIGINAL Stocks turned in a very strong day on encouraging news regarding the fiscal cliff. Over the weekend House Speaker Boehner indicated that he was willing to compromise on tax rates and the debt ceiling. And today Bloomberg reported that President Obama was weighing concessions on Social Security in budget talks. The increasing likelihood of a compromise in Washington drove a decidedly "risk-on" day with significant outperformance in financial stocks small caps and energy. We also saw weakness in Treasuries after a disappointing two-year note auction in the afternoon. Importantly the S&P 500 (INDEXSP:.INX) finished at the highs ...
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