Stocks traded uneasily after President Barack Obama and House Speaker John Boehner Friday each voiced willingness to compromise heading into difficult "fiscal cliff" negotiations.
Both held out a spirit of cooperation, and Obama invited Congressional leaders to the White House next week to begin discussions on economic and fiscal issues. (Read More: Obama 'Open to New Ideas' But Rich Must Pay More)
"While Boehner was speaking, the market traded rather nervously and in fact gave up small ground. When the president came out to speak the market again went nervous and gave up half its gain," said Art Cashin, director of floor operations at UBS.
The S&P 500 was up more than 1 percent before the president took to the podium just after 1 p.m. ET, but it moved lower and was up just slightly in mid afternoon trading. (Read More: Market Pares Gains on Obama Remarks)
Obama repeated that the approach to fiscal problems must be balanced and include both revenues and spending cuts, but he signalled he is willing to compromise. Stocks appeared to take a leg down when Obama suggested, as a starting point, that the House pass a Senate bill that would restore the Bush tax cuts to the middle class but not the upper income brackets.