Markets Continue Rally as Fiscal-Cliff Hopes Take Flight

November 19, 2012 10:12 AM EST
After rallying Friday, markets continued higher early Monday on growing hopes that lawmakers will resolve the long-standing fiscal-cliff problem facing the U.S.. President Barack Obama, speaking in Bangkok, said he was "confident" a deal could be reached.

Just after the 10 o'clock hour, the Dow is up 143, the Nasdaq is up 39 and the S&P is up 19.

Investors have been aware of "cliff-fears" for some time, but there has been a noticeable refocused on the topic since the elections, with many notable economists warning of recession if lawmakers fail to reach a deal.

Today's early winners include financials, retailers, materials, and homebuilders. Of note, steel stocks, Untied Steel (NYSE: X) and AK Steel (NYSE: AKS) are higher in early trading. Financial stocks are also on the move, with Citi (NYSE: C) and Bank of America (NYSE: BAC) leading the pack.

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