Stocks faltered Wednesday as investors wait for a fiscal cliff deal
NEW YORK (CNNMoney)
With just days left, President Obama and Congress have yet to agree to a plan that would avert tax hikes and spending cuts from kicking in automatically on Jan. 1.
Some investors are increasingly skeptical that lawmakers will resolve a self-inflicted crisis that could tip the economy into recession, while others are betting on a short-term compromise that prevents the worst and delays more difficult decisions to later in the year.
U.S. stock futures were flat early Thursday.
Fear & Greed Index
A letter from Treasury Secretary Tim Geithner to Congress sent after the bell on Wednesday may also weigh on markets.
In the letter, Geithner wrote that government borrowing will hit the debt ceiling on Monday. As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit.
Such measures include suspending the reinvestment of federal workers' retirement contributions in short-term government bonds.
Several government reports on the labor and housing markets, consumer confidence and manufacturing are due throughout the day. Initial claims, new home sales, consumer confidence and Chicago PMI are all on tap for Thursday morning.
U.S. stocks faltered Wednesday as political wrangling over the fiscal cliff continued to dominate investor sentiment.
The Dow Jones industrial average fell 0.2% and the S&P 500 lost 0.5%. The Nasdaq dropped 0.7%.
European markets made narrow gains in the first trading session after the Christmas holiday. Asian markets ended mixed, with Japan's Nikkei posting the strongest gains. The index has risen nearly 10% in the past month on expectations of further monetary policy easing and new government measures to stimulate the economy.
First Published: December 27, 2012: 4:46 AM ET
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