Stocks remained in negative territory for most of the day as investors worried about the looming fiscal cliff, even as House Republicans submitted a deal to the President. The GOP today unveiled a plan that reportedly includes tax and healthcare reforms, but keeping so called Bush tax cuts in place. The Dow closed down .46%, the S&P was lower by .47% and the Nasdaq was down .27%.
Adding to the bearish mood was lower-than-expected manufacturing data for November. The Institute for Supply Management's monthly survey showed a contraction after two months of mild expansion.
Among stocks bucking the trend today, Dell Computer (DELL). That stock was up 4.4% after an upgrade by Goldman to buy from sell. The analyst said Dell has built up a solid cash reserve. Also squeezing out gains today on the Dow - American Express (NYSE:AXP), Cisco (NASDAQ:CSCO) and Pfizer (NYSE:PFE).
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