The markets opened the week on Monday, with little direction, as investors unsure about “fiscal cliff” concerns were unwilling to make a commitment either way. On Tuesday several of the major indexes fell to three month lows, even though Home Depot released a positive earnings report, another indicator that the housing market is improving. Losses accelerated on Wednesday, as both the NASDAQ and Russell 2000 have lost more than 10% off their recent highs, termed a correction by investors. On Thursday stocks finished with surprisingly small losses despite concern over Middle East violence and a spike in initial jobles claims. Friday concluded the week with a modest gain by stocks on optimism that President Obama and Congress showed signs of compromising to avoid the looming “fiscal cliff”.
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