New Year, New Worries
Despite frantic last minute negotiations in the Senate, time has run out and we are going to go over the fiscal cliff. For at least a few hours, we will have the largest tax hike in history, but the good news is that the market believes that a deal is very close and likely to be put into retroactive effect in a few days.
The market started the day nervously as the confidence level in politicians is understandably quite low, but then gained momentum as the outline of a deal became clear. In addition, we had one of the worst holiday periods in quite some time so market players were happy to mark up things into the close. It was the first time ever that the Nasdaq closed up more than 2% on the last trading day of the year....158 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.