Street stares at ‘cliff’ abyss
U.S. stocks to follow erratic ‘fiscal cliff’ path
Dow, S&P 500 coming off worst week percentage-wise since June
By Kate Gibson
Nov. 10, 2012
NEW YORK (MarketWatch) — The U.S. stock market will continue on an erratic path next week and for the foreseeable future until a deal is reached to avert steep tax increases and cuts in government spending.
“My general sense is we’re going to be dramatically sideways over the next couple of weeks, depressed one day and excited the next, that’s going to be the norm,” said Paul Nolte, managing director at Dearborn Partners in Chicago.
The stock market this week retreated more than 2%, with the Dow Jones Industrial Average DJIA +0.03% and S&P 500 index SPX +0.17% hit the hardest, on a percentage basis, since the week ending June 1.