Boehner Breaks the Stalemate

The stock market has started the week on the up side. The most prominent news is that House Speaker John Boehner seems willing to accept a compromise in which tax rates for the wealthy have to rise. People who watch these sorts of things believe Boehner’s move is a tipping point. My take is that the real negotiations have begun. Up till now, it’s mostly been posturing.

In Japan, the Liberal Democratic Party won a big election landslide and the stock market there responded positively. The S&P 500 had an unusual week last where it slowly rallied during the first half and slowly sank at the back half. The turning point came Wednesday afternoon after the Fed’s policy statement came out.

So far, the big banks are the top-performers today. Our own JPMorgan Chase ($JPM) is up over 1% (which is actually one of the poorer performers among the big banks).

Posted by Eddy Elfenbein on December 17th, 2012 at 9:58 am

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Tickers: JPM