Featured StoryIn the end, a last-minute deal emerged. Just like that, the fiscal cliff crisis was averted.
In the waning hours of New Year's Day, Congress voted to avoid a large package of tax increases, along with some modest spending cuts.
Not surprisingly, the markets just loved it. The Dow soared over 200 points on the open and never looked back.
But first, let's call this deal what it is: a late-day compromise that...
Stock Market Today: Fiscal Cliff Deal Leads to Rally
Passage of a congressional measure to avert the fiscal cliff gave a big boost to the U.S. stock market today (Wednesday), the first trading day of 2013.
Right out of the gate, all three major indexes jumped. Just before 2 p.m., the Dow Jones Industrial Average had climbed 232 points. The Standard & Poor's 500 Index jumped 25 points, and the Nasdaq rose 70 as markets cheered the news.
"We are happy that we are halfway home to fixing...
What the Fiscal Cliff Deal Could Cost You
A fiscal cliff deal sailed through the Democrat-controlled Senate late in the night on New Year's Eve in an 89-8 vote.
The proposed deal then headed to the Republican-controlled House on New Year's Day, expected to meet at least some opposition from a party that has lobbied during most of the fiscal cliff negations for no tax increases at all. It went through with a 257 - 167 House vote.
At the deal's forefront was maintaining tax...
Fiscal Cliff Deal Averts the Crisis… But Now What?
- It's late Tuesday evening and I'm about to go on air with CNBC Asia in Singapore regarding the impact of the Fiscal Cliff bill which passed minutes ago after Republican leaders decided not to try and tack on amendments nor engage in further bickering.
Passed by a 257 to 167 vote, the bill is now headed to the White House and a draft may even be on the President's desk by the time you read this.
So I'll have to...
What if There's No Fiscal Cliff Deal?
Just hours remain for Democrats and Republicans to come up with some kind of fiscal cliff deal to avert the $600 billion in tax increases and spending cuts that are set to kick in tomorrow, Jan. 1.
With both parties still at odds, a tumble over the cliff looks likely.
The only thing that's likely to happen is a very rushed deal that fails to deliver significant changes to the pre-programmed tax hikes and spending cuts.
Where Oil Prices Are Headed In the Face of the Fiscal Cliff
You have heard all the stories of what will happen when the U.S. economy falls over the fiscal cliff.
As I write this, it appears that will happen--at least on paper.
Of course, it will take some time for the tax increases to kick in, while the automatic spending cuts may take a month or longer.
That may make it easier for some Members of Congress to act. Since the taxes will have technically increased, it will be...
Why a Fiscal Cliff Deal Stands Little Chance by Jan. 1
How did we get so close but still end up so far away from a fiscal cliff deal?
Just a few days remain before the nation falls off the fiscal cliff, and expectations for an agreement have practically disappeared.
U.S. President Barack Obama and congressional leaders will meet today (Friday) to discuss ways to avoid the tax hikes and automatic spending cuts scheduled to kick in Tuesday, but not much is expected from the talks.
Fiscal Cliff Deal Gets Lost in "Blame Game"
U.S. lawmakers headed back to Capitol Hill Thursday to try and avoid falling off the fiscal cliff, but the chances of doing so before the New Year have practically disappeared.
Sounding alarm bells Thursday were stern words from Senate Majority Leader Harry Reid, D-NV, who cautioned that there is hardly any time left for a deal.
"I have to be very honest. I don't know time-wise how it can happen now," a pessimistic Reid said in a...
Stock Market Today: Holding on to Fiscal Cliff Deal Hopes
The stock market today (Thursday) was quiet on the open as investors waited on the sidelines for a fiscal cliff deal update.
About a half hour into trading, the Dow Jones Industrial Average was off 12 points, the Standard & Poor's 500 Index was lower by 2 points and the Nasdaq gave back 3.
Sen. Harry Reid, D-NV, gave a mid-morning press conference to warn we are likely to head over the
Fiscal Cliff Deal Talks on Hold
U.S. President Barack Obama will cut his Hawaiian Christmas vacation short and return to the White House tomorrow (Thursday) to continue fiscal cliff deal negotiations.
Just five days remain for Democrats and Republicans to hammer out some kind of deal before the U.S. economy gets walloped with some $600 billion in tax increases and spending cuts at the federal level.
It's unclear if the parties can reach a fiscal cliff deal before the...