21 min.
Stocks opened in negative territory across the board Friday, as Wall Street nervously looked to Washington to see if a deal on the "fiscal cliff" could be struck before the end of the year.
The Dow Jones Industrial Average opened lower, led by Bank of America and JPMorgan, a day after finishing lower for the fourth-straight session.?
The S&P 500 and the Nasdaq also declined at the open. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, gained above 20.
All key S&P sectors fell at the open, led by energy and industrials.?
President Barack Obama will meet congressional leaders from both parties at the White House later this afternoon, just days before the deadline to reach a deal or see the a series of automatic spending cuts and tax hikes come into force.?
House Speaker John Boehner, Senate GOP leader Mitch McConnell, Senate Majority Leader Harry Reid, House Democratic Leader Nancy Pelosi and Vice President Joe Biden are scheduled to attend Friday's meeting. If a deal is not possible, Obama and the leaders would leave the resolution to the next Congress to address in January.
Stocks tumbled Thursdaybut recovered most of their intraday losses after the House of Representatives said it would reconvene this Sunday to resume budget talks.?
On the economic front, Chicago PMI for December will be released at 9:45 am ET, while November pending home sales will be reported at 10 am ET. Economists expect a reading of 51 and a gain of 1 percent, according to a Reuters survey.?
Hewlett-Packard confirmed that the Justice Department is looking into its allegations that Autonomy engaged in accounting fraud prior to its acquisition by HP last year.
Apple is among stocks in focus after a Chinese court fined the iPhone maker $160,000 for hosting third-party applications on its App Store that were selling pirated electronic books, Xinhua news agency said.
Among airlines, Raymond James raised its price target on Delta Airlines, Southwest Airlines, U.S. Airways, Spirit Airlines and Alaska Air.?
Source: http://www.nbcnews.com/business/stocks-open-lower-investors-eye-cliff-deadline-1C7753894
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