Daily Data Flow: U.S. Stocks Rise; Right-to-Work Passes in Michigan; Cliff Talks Continue »
U.S. Stocks Gain on German Confidence Amid Budget Talks (Bloomberg)
U.S. stocks rose, erasing losses since Election Day for the Dow Jones Industrial Average, after German investor confidence climbed and traders awaited progress on federal budget negotiations in Washington. “There’s speculation of progress on a deal, given that the two sides are still meeting and talking” about how to resolve the so-called fiscal cliff, Walter Todd, who oversees about $940 million as chief investment officer of Greenwood Capital Associates LLC in Greenwood, South Carolina, said. “Right now, people want to see a deal, period. There will be quite a relief rally if one’s announced.”
Amid Union Protests, Michigan Approves ‘Right-to-Work’ Plan (CNBC)
Amid raucous protests, the Republican-led Michigan House on Tuesday approved a contentious “right-to-work” plan to limit union power, dealing a stunning blow to organized labor in the state where the UAW was born. The measures now go to Republican Gov. Rick Snyder for his expected signature as early as Wednesday. Michigan would become the 24th state to enact right-to-work provisions, a stunning blow to the power of organized labor in the United States.
Both Sides Press for Details in Cliff Talks, Deal Before Christmas Difficult, Sen. Reid says (Marketwatch)
The White House and congressional Republicans on Tuesday pressed each other for specific plans about cutting spending and raising revenue, as a deal to avoid the fiscal cliff of tax increases and spending cuts remained elusive with a deadline about three weeks away. In the Senate, Democratic Leader Harry Reid said it would be difficult to reach a deal before Christmas, but said “we can do things very quickly” once an agreement is in hand.