The major indexes retreated as investors eased off of an inflated market, in the face of another battle in Washington - this time over the nation's debt ceiling. President Obama has said he refuses to negotiate. That's not sitting right with Republicans, who believe there must be federal spending cuts, in order to lower the nations exploding debt, especially after conceding massive tax hikes in last week's fiscal cliff resolution.
Heading into the last 30 minutes of the trading session, the Dow and S&P 500 were down .38% and the Nasdaq was lower by .16%. Alcoa (NYSE:AA) kicks off the earnings season with its 4th quarter report due out after the close tomorrow. That stock was down nearly 1-1/2% today. Applied Materials (NASDAQ:AMAT) was down 2.4% today after JP Morgan downgraded the shares based on lower semiconductor capital expenditures.
Tomorrow morning investors will be looking at a report due out on small business optimism, as well as consumer credit.
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