Tuesday, December 4, 2012
U.S. stocks sold off a bit in a quiet session as investors continued to stay in a "wait and see" attitude regarding the fiscal cliff. Later this week will come more economic data so for the day most were content to sit on their hands. Coming Wednesday with will be the ADP employment report and ISM non manufacturing while Friday comes the national employment data for November. Both the S&P 500 and NASDAQ dropped 0.2%.
Oil prices for January delivery declined 59 cents to $88.50 a barrel. Gold fell 1.5% to $1,695.80, falling below $1,700 for the first time since early September. Silver dropped 2.8% to $32.81.
British and German shares were fractionally lower while France gained 0.4%.
- In Europe, finance ministers failed to reach an accord on the framework necessary to form a single banking supervisor. An agreement is needed in order to pave the way for direct capital injections into the region's troubled banks as well as ensuring effective supervision of Europe's financial sector. EU finance ministers will now reconvene on Dec. 12 in an attempt to stick to a year-end deadline that was set in June.
China gained 0.8% while Japan dropped 0.3%.