Investors have remained relatively sanguine about the process, believing it will eventually be solved. from going over the fiscal cliff, an option that is viewed as politically easier. While midnight on Monday marks the deadline for a deal, the government can pass legislation in 2013 that retroactively prevents the U.S.
S&p 500 percent gain 2017 tv#
"We are very, very close" to coming up with a deal to prevent tax hikes, said McConnell, adding that talks with Vice President Joe Biden have been "successful." (CNBC SPECIAL REPORT: Will we go over the "fiscal cliff?" Tune in to CNBC TV today at 6pm ET.)Įarlier in the afternoon, President Obama said a deal to avoid a middle class tax hike was "in sight," though more work needed to be done before the midnight deadline to avoid the fiscal cliff. Meanwhile, utilities finished in the red for the year, declining nearly 3 percent. Bank of America was the top gainer on the Dow, skyrocketing an impressive 108 percent for the year. By comparison, stocks ended 2011 almost exactly where they began the year.Īmong the key S&P sectors, financials posted the biggest gain, surging more than 26 percent in 2012. The Dow jumped 7.26 percent, the S&P 500 bounced 13.41 percent, and the Nasdaq advanced 15.91 percent. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, plunged below 18 after closing above 22 last week for the first time since June.ĭespite recent pullbacks and choppiness amid the fiscal cliff concerns, equities turned in healthy gains for 2012. The Nasdaq surged 59.20 points, or 2 percent, to end at 3,019.51.
All 30 Dow components ended in positive territory. The Dow Jones Industrial Average soared 166.03 points, or 1.28 percent, to close at 13104.14, led by Hewlett-Packard and Caterpillar, snapping a five-day losing streak.
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