Market falls sharply over House inaction
‘The more the clock ticks, the more the market is saying, “Just give us something.” ’
market strategist at Prudential Financial negotiated with the White House on avoiding the sweeping tax increases and spending cuts, a combination known as the “fiscal cliff.”
But Boehner scrapped a vote on the bill Thursday night after it became clear that it did not have enough support in the Republican-led House to secure passage. He called on the White House and the Democratic-led Senate to work something out.
The market’s decline demonstrated that investors’ nerves are raw as they await a resolution.
“Where we are today, the market would be satisfied with the announcement of a stopgap measure,” said Quincy Krosby, a market strategist at Prudential Financial. “The more the clock ticks, the