Stocks little changed as budget talks continue

Published on NewsOK Modified: December 4, 2012 at 3:22 pm •  Published: December 4, 2012
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"If you looked back a week ago, most people were under the impression that we'd get this solved fairly quickly," Kinahan said. "There hasn't really been any positive news, or any positive movement, in the last few days, and with that it makes people more and more nervous."

Despite the slow pace of the talks, the stock market has gained back nearly all of a post-election slide caused by concerns about the fiscal impasse. The S&P is now about 1.5 percent below where it was on Nov. 6. In mid-November it had dropped as much as 5 percent.

Bill Gross, the managing director of fund manager PIMCO, told investors in his regular newsletter that they should expect annualized bond returns of 3 to 4 percent at best in the future and stock returns that are "only a few percentage points higher."

The S&P 500 has risen 12 percent this year. High debt levels and slowing global growth will weigh on the economy, Gross said.

The yield on the 10-year Treasury note fell 1 basis point to 1.61 percent.

Among other stocks making big moves:

— Big Lots gained $3.23, or 11.5 percent, to $31.27 after the discount retailer raised its full-year earnings forecast and reported a loss that wasn't as bad as analysts had expected.

— Pep Boys fell $1.11, or 10.4 percent, to $9.57 after posting a loss on weak sales at the company's auto stores and reporting rising costs.

— MetroPCS fell 81 cents, or 7.5 percent, to $9.96 after Reuters reported that Sprint isn't currently considering making a counter offer for the cellphone business. MetroPCS and T-Mobile said in October that they had agreed to combine their businesses.



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