Yesterday morning's Durable Goods data beat expectations and Consumer Confidence hit a new post-recession high. But the market was evidently more interested in our lawmakers' return to Capitol Hill. The S&P 500 fell at the open, rallied for a few minutes and the rolled over just as the Consumer Confidence was announced.
The index rallied back to the opening price and churned sideways until shortly after 2 PM. That was when we learned Senate Majority Leader Harry Reid was disappointed with Fiscal Cliff talks. Thirty minutes later the index had slipped below the 1,400 level. A small rally took the index back above 1,400 benchmark, but it didn't hold. The index finished the day at 1,398.94 for a loss of 0.52%.
Here is a 5-minute look at yesterday's action.
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