Dollar rises in thin trade, ends 2012 lower overall

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The dollar rose against most currencies on Monday in thin trading, and held its gains even after President Barack Obama said a deal was in sight to avert a fiscal disaster that would have meant tax hikes and spending cuts for the world's largest economy. The dollar could come under pressure if a compromise agreement on the U.S. budget is struck as this encourages investors to buy riskier assets, driving flows away from the safe-haven and highly-liquid greenback. Obama said on Monday, the deadline before the U.S. economy goes over the "fiscal cliff", a deal on the budget was within sight but ... (Read the full story)

NYSE Trading Glitch Caps Year of Snafus for Exchanges

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Rival exchanges briefly stopped sending orders to the New York Stock Exchange as the Big Board experienced trading problems with more than two dozen stocks Monday. The glitch, which was quickly resolved, came in the last hour of trading in a year that has been marked by technological glitches large and small. NYSE said in an alert to traders at 3:19 p.m. EST that its equity market was experiencing an issue with one of its engines that matches “buy” and “sell” orders and that 26 issues were affected, including BBX Capital Corp. BBX +1.06% Verso Paper Corp. VRS +5.94% and TransAlta Corp. TA.T ... (Read the full story)

House won't vote before midnight on 'cliff' deal

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The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff." House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day. President Barack Obama and Senate Republican leader Mitch McConnell said Monday they are near a deal to avoid wide-ranging tax increases and spending cuts — the fiscal cliff — that take effect with the new year. Both men said they were still bargaining over whether — and how — to avoid $109 billion in cuts to defense and domestic programs that ... (Read the full story)

Stocks rally on hopes Congress might act

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On the final day of 2012, the Dow Jones Industrial average rose 1.3%, or more than 167 points. The S&P 500 added 1.7%. The Nasdaq rose 2%, with shares of Apple (AAPL, Fortune 500) gaining 4.6%. The advance came on light volume, since many professional investors are away from their desks for the holidays, traders said. While an official agreement has yet to be announced, investors were relieved to see signs that lawmakers were moving forward toward reaching an agreement to prevent tax hikes and spending cuts from taking effect Jan. 1. "Investors were expecting the worst, so anything positive ... (Read the full story)

The U.S. will go over the fiscal cliff tonight

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BREAKING (Read the full story)