Stocks fell in light trading Monday during a shortened holiday trading session 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.
In more than a dozen interviews with The Associated Press, conservative activists said they would rather see the country fall off the cliff than agree to any tax increases for any Americans, no matter how wealthy.
With many in Washington away for the holidays, that scenario appears increasingly likely. “There is starting to become a little bit of an acceptance that we fall off the fiscal cliff,” said JJ Kinahan, chief derivatives strategist for TD Ameritrade. “People are starting to think about how they may plan their portfolio if that does happen.”