President Barack Obama is scheduled to host a second summit with business leaders at the White House to discuss the country's fiscal problems. Chief executives of Goldman Sachs, Deloitte nd Caterpillar, among others are expected to attend.
Democrat and Republican lawmakers are trying to reach a deal to avoid the convergence of tax increases and spending cuts at the end of the year.
Wall Street lost ground in the last hour of trade on Tuesday after Senate majority leader Harry Reid said there had been little progress in dealing with the issue.
In company news, retailer Costco said it would pay a special dividend of $7 per share after reporting better-than-expected sales. Other companies including Las Vegas Sands, Ethan Allen nd CNH also announced special dividends this week alone, ahead of possible tax increase on dividends next year. (Read More: Do Special Dividends Boost Stocks?)