Stocks wobble waiting for ‘fiscal cliff’ deal
by Matthew Craft
Associated Press Writer
December 07, 2012 12:02 AM | 564 views | 0 0 comments | 3 3 recommendations | email to a friend | print
NEW YORK — The stock market wobbled between small gains and losses in afternoon trading Thursday.

The Dow Jones industrial average was up 11 points at 13,045 shortly after 2 p.m.

Apple rose $10 to $548.82, a day after taking its worst fall in four years. In separate interviews, CEO Tim Cook said Apple will produce one of its Mac computers in the United States next year and will spend $100 million in 2013 to shift production of the line from China.

The Standard & Poor’s 500 index rose three points to 1,412, while the Nasdaq composite climbed 17 points to 2,990.

Investors’ biggest concern remains the collection of automatic tax increases and federal spending cuts scheduled to start Jan. 1. “Everybody is paying close attention to the soap opera in Washington,” said John Canally, investment strategist and economist at LPL Financial.

President Barack Obama said Wednesday that the White House and Republicans could reach an agreement “in about a week” if the Republicans drop their opposition to raising taxes on those making more than $250,000 a year. That helped give the stock market its first gain of the week.

Most investors believe President Obama and Congressional Republicans will strike a budget deal to avoid this “fiscal cliff” before the year is out. Until they reach an agreement, however, the stock market will likely be hostage to news out of Washington.
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