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Stocks open mixed as budget deadline nears

Published on NewsOK Modified: December 31, 2012 at 8:45 am •  Published: December 31, 2012
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NEW YORK (AP) — Stocks are little changed in early trading on Wall Street as a budget deadline approaches with no deal in sight.

The Dow Jones industrial average was down six points at 12,931 shortly after the opening bell Monday.

The Standard & Poor's 500 index was up two points at 1,405 and the Nasdaq composite edged up 10 points to 2,970.

There are just hours to go before a midnight deadline, when sweeping tax increases and government spending cuts will go into effect unless lawmakers agree on a plan to cut the nation's budget deficit.

More than $500 billion in 2013 tax increases would take effect and $109 billion would be slashed from defense and domestic programs.

Senate Majority Leader Harry Reid says negotiations are ongoing.