LOCAL FOOTBALL SCORING UPDATES PRESENTED BY THE HUNGRY HOBO:

Stocks dip with budget deal in doubt


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Originally Posted Online: Dec. 24, 2012, 10:01 am
Last Updated: Dec. 24, 2012, 10:10 am
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Stocks fell in light trading Monday during a shortened holiday trading session with lawmakers running out of time to reach a deal that would prevent the U.S. from going over the so-called fiscal cliff.

The Dow Jones industrial average fell 32 points at 13,158. The Standard & Poor's 500 index gave up 3.3 points to 1,426.9. The Nasdaq composite slipped 8 points to 3,013.

Sen. Joe Lieberman said Sunday that it 'It's the first time that I feel it's more likely we'll go over the cliff than not,' following the collapse late Thursday of House Speaker John Boehner's plan to allow tax rates to rise on million-dollar-plus incomes. Wyoming Sen. Jon Barrasso, a member of the Republican leadership, predicted the new year would come without an agreement.

Stocks fell sharply Friday, with the Dow logging its biggest drop in more than a month, after House Republicans called off a vote on tax rates, leaving federal budget talks in disarray just days before sweeping tax increases and government spending cuts are scheduled to take effect. Failure to agree on a budget plan could lead to simultaneous spending cuts and tax hikes that many fear may push the economy back into recession.

President Barack Obama and Congress are on a short holiday break. Congress is expected to be back at work Thursday and Obama will be back in the White House after a few days in Hawaii.

Still, barring a dramatic sell-off in the year's final days of trading, stocks will end the year higher. The S&P 500 is currently 13 percent higher for the year, the Dow is almost 8 percent up and the Nasdaq is 16 percent higher.

The stock market will close at 1 p.m. Monday and be shut Tuesday for the Christmas holiday.

The yield on the 10-year Treasury note rose 1 basis point to 1.78 percent.
















 



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  Today is Sunday, Sept. 21, the 264th day of 2014. There are 101 days left in the year.

1864 -- 150 years ago: We hear that Col. Reynolds has employed C.D. Merrill to drill for water to supply the Rock Island Barracks.
1889 -- 125 years ago: Billy Catton, famous billard player, returned to Rock Island with a view to making this city his home in the future.
1914 -- 100 years ago: The belief is growing that a great decisive battle of the World War was being fought at Verdun, a strong fortress of France on the Meuse near the French frontier, according to a London dispatch.
1939 -- 75 years ago: William Stremmel, 91, Rock Island's last Civil War veteran, died.
1964 -- 50 years ago: Workmen of the Midwest Wrecking Co., Clinton, have begun razing the historic old office building of Deere & Co., 1325 3rd Ave., Moline. The site will be used by the Deere Plow Works for its shipping and receiving department.
1989 -- 25 years ago: East Moline developer Jim Massa says the financial package for the proposed $34.5 million Quad City International Motor Speedway is down to making sure "all the i's are dotted and t's are crossed. Finalizing this will give the green light to see if NASCAR and CART, the auto racing sanctioning bodies, approve race dates.






(More History)