What does Wall Street know that Washington lawmakers fail to see?
By Erik Wasson and Bernie Becker – 11/19/12 08:23 PM ET
Wall Street is signaling confidence that lawmakers will strike a deal to avoid the “fiscal cliff,” baffling Washington insiders, who see less reason for optimism.
Stocks began to make a comeback Friday after President Obama and congressional leaders suggested that talks on the cliff’s spending cuts and tax increases were off to an auspicious start.
The Dow Jones Industrial Average continued the rally on Monday, rising 207 points and ending the day up more than 300 points since Friday’s meeting at the White House. The S&P 500 edged up 27 points.
Bank of America CEO Brian Moynihan and Nasdaq Chief Executive Robert Greifeld were among the financial players expressing confidence about the negotiations in Washington.