Dec 18, 2012

The market is up 32. SFE Futures were up 24 this morning.

Dow Jones was up 100. The Dow was up 109 at best breaking its three day losing streak. President Barack Obama and Republican speaker John Boehner have met for further talks on the fiscal cliff with the market rallying 60 points in the last hour on news of the Republicans softening their stance on tax concessions for the wealthy. Boehner is offering $US1 trillion in higher tax revenue over 10 years and an increase in tax for those people making more than $US1 million a year. He has also offered a large extension to the government’s borrowing cap to fund the government for one year before the issue must be revisited – conditional on the President agreeing to $US1 trillion in cuts. No news on whether the Democrats have agreed to the proposals.

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