The Obama administration, which appears to have the upper hand in its tax-the-rich fight, also seeks to make it harder for Congress to intervene when it comes to the national debt ceiling. That comes up again in early 2013.
Home Depot earnings beat expectations, sending its stock up 3.6 percent. Despite signal of housing recovery from Home Depot results, 'fiscal cliff' in US and postponement of aid package for Greece drag down broader market.
Bernard Madoff victims will get $210 million in a settlement reached by the bank BNY Mellon. The settlement is expected to mark the end of lawsuits stemming from the Bernard Madoff scandal and return nearly all of the original investments to those who were defrauded.
Timothy Geithner is putting pressure on the Securities and Exchange Commission to overhaul its rules for money-market mutual funds. Geithner warned that without an overhaul to the money-market system, US financial stability would remain threatened.
A dip in home sales and unrest in Europe sent stocks sliding Wednesday, extending the longest losing streak for the S&P 500 since mid-July. European stocks had their worst day in months as unrest threatened to boil over in Greece.