EmailEquities opened lower, but staged a reversal when top lawmakers reiterated their desire to reach a budget agreement. After marking a session low near its 200-day moving average, the S&P 500 reversed 25 handles to session highs. The reversal was aided by comments from House Speaker Boehner who said he is optimistic a deal can be reached in order to avoid going over the fiscal cliff. In addition, the President held a press conference where he reiterated his belief in higher tax rates for top earners. He also stressed that if Congress fails to approve selective tax increases, going over the cliff will result in an across-the-board tax hike. The S&P 500 ended the session with a gain of 0.8%.
Today after the close the following companies are scheduled to report earnings: ARO, CWTR, GMAN, GES, BLOX, LZB, NWY, PLL, RUE, SMTC, TIVO, WDAY
Futures are lower after hours: S&P 500 futures are -2.21 from fair value of 1408.11 and Nasdaq100 futures are -2.71 from fair value of 2664.46.
Tomorrow morning before the open two economic report is scheduled to be released: 1) Initial Claims (Consensus 395k) and Continuing Claims (Consensus 3325k), 2) GDP - Second Estimate (Consensus 2.8%) and GDP Deflator - Second Estimate (Consensus 2.8%).
Tomorrow before the open the following companies are scheduled to report earnings: BKS, BECN, CBRL, FRO, GBDC, ISLE, KR, LQDT, LTXC, NJR, SFL, TIF
