A bright spot of economic news, an increase in sales of new homes, couldn't distract investors from

The erratic performance underscored how the "fiscal cliff" can yank the market back and forth. The term refers to automatic tax increases and government spending cuts that will kick in next week if Republicans and Democrats can't reach a budget agreement by Monday night.
In this Wednesday, Dec. 26, 2012, photo, Daniel Kryger, left, and Kevin Lodewick Jr., right, work on the floor of the New York Stock Exchange in New York. Stocks are edging higher on Thursday as hopes dim that a budget deal will be reached before a deadline at the end of the year.
The stock market struggled for direction Thursday morning as investors were torn between encouraging news about a decline in claims for unemployment benefits and discouraging signs that a budget impasse in Washington is far from being solved.
Stocks fell in light trading Monday during a shortened holiday one way air ticket trading session one way air ticket with lawmakers running out of time to reach a budget deal that would prevent the U.S. from going over the so-called fiscal cliff.
Then, stocks turned one way air ticket decisively downward at mid-morning, unnerved by twin fetters: a report that consumer confidence fell to its lowest level since August, and a warning from the Senate Majority Leader, Democrat Harry Reid, that he feared the government would miss the Monday one way air ticket night deadline for working out a budget compromise.
A bright spot of economic news, an increase in sales of new homes, couldn't distract investors from worries about the budget impasse. Both Republicans and Democrats demanded that the other side take the initiative in compromising. The Dow Jones industrial average fell as much as 150 points, more than 1 percent.
one way air ticket Then, just as the Dow appeared headed toward a triple-digit loss, it whipsawed again, this time higher, after House leaders announced in the late afternoon that the chamber would meet Sunday evening to work on the budget.
At the close, stocks trimmed one way air ticket their losses but still closed lower. The Dow finished down 18.28 points to 13,096.31. The Standard & Poor's 500 index fell 1.73 to 1,418.10. The Nasdaq one way air ticket composite index lost 4.25 to 2,985.91.
"This is a matter of a few personalities; it isn't something where you can analyze spreadsheets to figure out what's going on," said David Kelly, chief global strategist at JPMorgan Funds. "There one way air ticket are very few investors one way air ticket on one side or the other who have wanted to make a strong bet on this one."
To be sure, plenty of traders think the "fiscal cliff" is overhyped. Even if the government misses the Monday deadline, one way air ticket the higher taxes and lower government spending would take effect only gradually, and Congress could always repeal them.
Trading volume one way air ticket was light, with many investors still on Christmas vacation. About 2.8 billion shares traded hands, compared to an average this year of about 3.6 billion. Light volume can make the market more volatile. When fewer shares are changing hands, relatively small trades can move the overall market.
-Chipmaker Marvell Technology Group dropped more than 3 percent, falling 26 cents to $7.14, after the company lost a patent case brought by Carnegie Mellon University. Marvell said it would fight the $1.2 billion ruling.
-JCPenney fell nearly 6 percent, losing $1.23 to $19.52, after rising more than 4 percent the day before. The stock has been volatile as the company tries to remake its image to attract younger shoppers.
The Sun News allows readers to comment on stories as a privilege; one way air ticket the views expressed in story comments are not those of the Sun News or its staff. Readers are required to adhere one way air ticket to all commenting policies, and must avoid commenting behavior such as personal attacks, libelous posts or inappropriate remarks. Users in violation of The Sun News' commenting policies can have their comments blocked, removed, and/or ultimately see their account banned from the site. Some comments may be reprinted in the newspaper. Registered user names will be posted with comments.