U.S. stocks closed lower in Monday trade as lawmakers headed home for the holidays without a fiscal cliff solution in the bag. The down market reflects investor concern that time is running out for U.S. politicians wrangling to reach a deal to avert another U.S. recession.
Lawmakers over the weekend did little to ease investor fears, saying there remains time for a deal but acknowledging that time is running short.
U.S. markets closed early at 1 p.m. ET today, and will remain closed until Wednesday for the Christmas holiday.
There was no economic data or reports due today. When the markets re-open Wednesday, the Case-Shiller home index for October will be released, along with weekly jobless claims, consumer confidence and new home sales.
Commodities ended mixed. Crude-oil prices declined for a second day, closing at $0.16, down 0.18%, to settle at $88.50 a barrel on the New York Mercantile Exchange. Gold climbed, adding $0.40, or 0.02% to settle at $1,660.50 an ounce.
Here's Where The U.S. Stocks Stood At Day's
- Dow Jones Industrial Average down 51.76 (-0.39%) to 13,139.08
- S&P 500 down 3.49 (-0.24%) to 1,426.66
- Nasdaq Composite Index down 8.41 (-0.28%) to 3,012.60
- Nikkei 225 Index down 0.99%
- Hang Seng Index up 0.16%
- Shanghai China Composite Index up 0.27%
- FTSE 100 Index up 0.24%
- (+) ATV, Wholly owned subsidiary China DRTV agreed to purchase 7,859,550 ordinary shares in the form of ordinary shares and ADSs from a limited number of former company employees and their affiliates, representing the entire shareholdings in the company held by such individuals. The purchase price was $1.1 per ordinary share (equivalent to $3.3 per ADS).
- (+) INFI, Amends development and license agreement with Millennium: The Takeda Oncology Company and Takeda Pharmaceutical Company Limited for INFI's phosphoinositide-3-kinase (PI3K) program.
- (+) SSYS, Piper Jaffray has reiterated an Overweight rating on the stock, with an $81 price target.
- (-) MOTR, SEC filing from Friday details the termination of the mobile content provider's agreement with AT&T (T).
- (-)ALXA, U.S. Food and Drug Administration has approved Adasuve Inhalation Powder 10 mg to treat agitation associated with schizophrenia or bipolar I disorder in adults.
- (-) RPTP, Received U.S. Food and Drug Administration notification that it will require additional time to complete its review of the New Drug Application (NDA) for RP103 (PROCYSBI), for the potential treatment of nephropathic cystinosis.