Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Fiscal cliff hangs over economy rebound

Thursday, December 13, 2012 - 02:00

Dec. 13 - Summary of business headlines: Stocks break winning streak as fiscal cliff debate overshadows positive economic signals; BlackBerry 10 gets thumbs up from U.S. agency; Google Maps back on iPad, iPhone; Spring offers $2.1 billion for Clearwire. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Wall Street snaps a six-day rally as encouraging economic signs are overshadowed by fiscal cliff concerns. Stocks suffered through their steepest decline in a month. Jobless claims dropped close to a four-year low last week. The labor market is seeing slow, yet steady improvement after Super storm Sandy temporarily disrupted progress. Retail sales bounced back in November following October's decline, And inflation remains tame. Producer prices dropped in November due to lower energy costs. All in all, economists say the economy is rebounding quickly from headaches caused by Super storm Sandy but growth will still be lackluster this quarter due to worries of possible mandatory spending cuts and tax hikes. Tech stocks were the news flavor of the day. BlackBerry is getting a second chance. The Immigration and Customs Enforcement unit says it will give the BlackBerry 10 a try after ditching older versions in favor of the iPhone. That was good enough for a 4.1 percent jump in U.S. listed shares of device maker Research in Motion. And sticking with the second time around, Apple is once again making Google Maps available for iPhones and iPads, although its much-maligned Apple Map app will still be the default. Shares of Google saw a small bounce, while Apple reversed gains seen the day before. And Sprint Nextel wants the rest of Clearwire it does not already own. It's willing to plop down $2.1 billion for the stake....but analysts say Sprint will have to dig deeper for the wireless service provider. Sprint was down fractionally, while shares of Clearwire jumped about 15 percent. Outside of tech, solar power company SolarCity shines in its market debut. The stock soared about 50 percent after a highly-anticipated IPO. Finally, the European Central Bank gets new powers to regulate euro zone banks but markets needed a magic wand to inspire confidence. Shares ended lower in Germany, France and the U.K.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Fiscal cliff hangs over economy rebound

Thursday, December 13, 2012 - 02:00

Top News »

Most Popular »

Investing 201 »

Bond investors brace for the end of Fed stimulus Bond investors brace for the end of Fed...

Fri, Oct 10, 2014 - (4:03)

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

Money Clip »

Will Apple Pay transform mobile payments? Will Apple Pay transform mobile payments?

Thu, Oct 16, 2014 - (2:45)

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Dance of the northern lights Dance of the northern lights

Mon, Oct 20, 2014 - (1:08)

Images of September Images of September

Wed, Oct 01, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)