November 8, 2012
Led by a drop in initial jobless claims and signs of demand growth in the trade report, Thursday's economic news wasn't that bad. But uncertainty over the showdown ahead of the year-end fiscal cliff hasn't been easing following Tuesday's election results that put back in place the oppositional forces of the White House and House. The Dow fell 0.9 percent to 12,811 at the same time that safe-haven buyers bid down yields in the Treasury market where the 10-year yield dropped 7 basis points to 1.61 percent. Gold firmed slightly to $1,730 while the dollar index posted a fractional gain. Oil is steady near $85.