"Unfortunately for the last 10 days, with the House and Congress gone for the Thanksgiving recess... much progress hasn't been made," said Dick Durbin, the No. 2 Senate Democrat. (Read More: 5 Reasons America Won't Fall Off the 'Fiscal Cliff')
Serious negotiations are expected to resume this week as policymakers return to Washington from the Thanksgiving holiday. Democratic and Republican lawmakers have been trying to convince the public that they are willing to compromise and can reach a deal before year end.
U.S. stocks rallied more than 1 percent last Friday, with the Dow ending above the psychologically-significant 13,000 level, in a holiday-shortened session. Major averages soared more than 3 percent last week, logging their best weekly performance in more than five months.
Euro zone finance ministers, the ECB and the IMF plan are meeting in Brussels to finalize the second bailout package for Greece worth 31.2 billion euros ($40 billion).
Retail stocks will be in focus, after a survey by the National Retail Federation showed a record 247 million shoppers visited stores and websites over the Black Friday weekend, up from 226 million last year. U.S. retail sales jumped an estimated 12.8 percent on the previous year over the four-day holiday weekend, according to the organization.
Meanwhile, Wal-Mart said it had its "best ever" Black Friday events, selling 1.8 million towels, 1.3 million televisions, 1.3 million dolls and 250,000 bicycles.
Apple edged higher after Citigroup initiated coverage of the tech giant with a "buy" rating and a $675 price target. Separately, the iPhone maker said it is adding new Samsung devices to its patent-infringement lawsuit.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
MONDAY: Dallas Fed mfg survey
TUESDAY: Durable goods orders, S&P Case-Shiller home price index, consumer confidence, FHFA home price index, Richmond Fed mfg index, 7-yr note auction; Earnings Green Mountain
WEDNESDAY: Weekly mortgage apps, new home sales, oil inventories, 2-yr note auction, Fed's Beige Book, Microsoft shareholders mtg; Earnings from Ann, Express, Aeropostale, La-Z-Boy, TiVo
THURSDAY: GDP, jobless claims, corporate profits, pending home sales, 5-yr note auction, chain-store sales; Earnings from Kroger, Tiffany, Barnes & Noble
FRIDAY: Personal income & outlays, Chicago PMI, farm prices
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