(MENAFN - ProactiveInvestors - Australia) Investors jumped back into U.S. stocks in the last hour of trade overnight on Friday with the Dow Jones and NASDAQ bouncing off lows to close much where they started the day.
By the close the Dow Jones had added four points (0.03%) to 13,025, while the NASDAQ eased two points (-0.06%) to 3010.
Adding volatility to the market - investors have been grappling with uncertainty as lawmakers and President Obama engage in brinksmanship over year-end tax hikes and spending cuts. The so-called fiscal cliff could harm the economy at a time when the outlook for growth is already in question.
House Speaker John Boehner on Friday said there is a stalemate between Republicans and the Obama administration over fiscal cliff talks after the White House made an opening offer for negotiations.
"There is a stalemate. Let's not kid ourselves," Boehner said in a press conference.
Boehner said Obama's proposal of 1.6 trillion in new tax revenue and less than 400 billion in spending cuts was not "serious."
U.S. Economic News
On the economic front, personal spending fell a seasonally adjusted 0.2% in October after surging 0.8% in prior month, the Commerce Department said. It was the first decline since May.
Chicago PMI faintly accelerated in November, rising to 50.4 from 49.9 in October. The index came in just a shade below the 50.5 MarketWatch-compiled economist consensus.
U.S. Corporate News
In corporate news, Zynga (NASDAQ:ZNGA) shares extended their decline Friday, after tumbling on news that the terms of its deal with Facebook (NASDAQ:FB) had substantially changed.
Yum! Brands (NYSE:YUM) shares sank after the firm softened its expectations for China, predicting same-store sales in that key market would decline 4% in the fourth quarter.
Verisign (NASDAQ:VRSN), which makes money off .com Internet registrations, said it reached a new agreement with the Commerce Department that bars future price increases.
Genesco (NYSE:GCO) raised its full-year earnings forecast as the footwear and apparel retailer posted net profits of 40.9 million, or 1.70 a share, for the third quarter.
