Last Call: Take the Cliff Quiz
Match the right cliff with the quote:
1. Jimmy Cliff
2. Cliff Claven
3. Fiscal Cliff
4. Cliff Huxtable
a. It's a little known fact that the tan became popular in what is known as the Bronze Age.
b. Some of the greatest lies ever told by your children: 'I forgot,' 'I'll pay you back later,' 'It was like that when I found it.'"
c. Many rivers to cross, But I can't seem to find my way over.
d. The phone never rang. And so now, here we are, five days from the New Year and we might finally start talking.
Market Musings With CNBC Market Guru Robert Hum
Recap: Dow -18.28 (-0.14%) at 13096.31, S&P -1.73 (-0.12%) at 1418.10, Nasdaq -4.25 (-0.14%) at 2985.91
Heard this one before? Stocks volatile on "fiscal cliff" uncertainty.
Major averages flirt with their worst drops this month after Sen. Reid warns U.S. will go over the cliff, then slash losses on news that the House of Representatives will reconvene on Sunday night.
Dow briefly turned positive in final hour after falling as much as 150 points earlier.
Dow and S&P 500 cling to small December gains (Dow up less than 71 points, S&P up under 2 points this month).
CBOE Volatility Index touches above 20 for the first time since July.
The Word on the Street Tonight
What to watch for on Friday: The President will host a meeting tomorrow (Friday) afternoon with Senate Majority Leader Reid, Senate Minority Leader McConnell, Speaker Boehner and Leader Pelosi at the White House.
Longer the fiscal cliff dive, harder the economic hit/Politico – Ben White: "If the U.S. dives off the fiscal cliff at the end of the month, as seems more likely by the moment, the market and economic impact will depend on the length of the plunge and the quality of the landing. If a deal is struck sometime in January to reinstate at least some of the Bush tax cuts and a patch is applied to ensure the alternative minimum tax does not slam the middle class, the damage should be limited, many economists say. Reinstating the payroll tax cut and extending unemployment benefits, both set to expire at year's end, would further ease any immediate hit to consumer spending and economic growth. However, if no agreement can be reached early in the 113th Congress and tax rates stay elevated and the automatic spending cuts begin to bite, the damage could be much more severe, including a return to recession and a spike in joblessness back above 9 percent, according to the non-partisan Congressional Budget Office and many Wall Street economic forecasts.
HP Confirms DOJ Is Investigating Alleged Fraud in Autonomy Deal/AllThingsD – Liz Gannes: "Hewlett-Packard said today that the U.S. Department of Justice is investigating its acquisition of Autonomy, for which it is trying to write down about $5 billion in expenses due to alleged "serious accounting improprieties." The investigation confirmation came as part of HP's annual report filed with the Securities and Exchange Commission. But this move was entirely expected given HP took its case to the FBI/DOJ and the SEC in the United States and the Serious Fraud Office in the U.K."
Desert Storm commander Norman Schwarzkopf dies at 78/NBC News – M Alex Johnson: "Retired Gen. Norman Schwarzkopf, the blunt commander of U.S.-led coalition forces in the first Persian Gulf War, died Friday in Florida, a senior defense official told NBC News. He was 78. The cause of death wasn't immediately available. Schwarzkopf, a highly decorated Vietnam War veteran who rose quickly through the Army's ranks during the 1970s and '80s, drew up the initial plans for the successful U.S.-led ejection of President Saddam Hussein's forces from Kuwait, which Iraq invaded in 1990. He then became famous for his inventive language during his almost-daily televised press briefings as commander of Operation Desert Storm, in which he was always clad in desert camouflage."
OMG what a great soliloquy! The theatre offering 'Tweet seats' to patrons who just can't step away from their phone/Daily Mail – Damien Gayle: "An American theatre is the latest to offer so-called 'Tweet seats' where audience members are encouraged to post comments about the performance on the social messaging site. The Guthrie Theatre in Minneapolis, Minnesota, has formalized a growing trend in theatre audiences to use their phones from within auditoria by giving obsessive tweeters a section of their own. Its management have roped off a special balcony-level section of the theatre 'that will not be disruptive to other patrons' for the latest run of The Servant With Two Masters. The Guthrie is not the first arts institution to cater specifically for, and even encourage, Twitter users. The Cincinnati Symphony Orchestra, Palm Beach Opera in Florida and the Public Theater in New York have all reportedly experimented with special sections for visitors who can't keep off their phones."
1 – C
2 – A
3 – D
4 – B