Larry Hatheway, chief strategist at UBS Investment Bank, tells CNBC that the risks of going off the fiscal cliff are quite high and that many investors are being complacent.
Jobless claims Thursday should show a decline from recent elevated levels, but Friday's report could show the full brunt of Super Storm Sandy's impact.
"It's time for the moderates to step up on both sides," said Jeffrey Solomon, Cowen & Company CEO, explaining how fiscal cliff uncertainty is impacting the markets, and why moderates need to band together to create acceptable solutions.
European shares closed lower on Wednesday for a third consecutive session, with resurging worries about the global economic outlook undermining investor sentiment.