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Stocks closer higher on apparent Fiscal Cliff progress

Closing out the day… Stocks closed out the day, and 2012 with gains after some apparent progress toward a resolution to the Fiscal Cliff. It doesn't seem like a deal will be reached before midnight, but the two sides are reportedly getting closer. Current reporting says the House will not be voting on anything this evening, but with taxes set to increase as the calendar turns to 2013, voting tomorrow allows any compromise between President Obama and House Republicans to be for a tax cut instead of a tax increase. Monday's close puts 2012 in the books for a 13.41% increase from the S&P 500, a 15.91% gain from the NASDAQ Composit index and a 7.25% gain for the Dow Jones Industrial Index.

Among the high-volume stocks today News Corp. (NWS), Xcel Energy (XEL), Arena Pharmaceuticals (ARNA) and Herbalife (HLF) posted gains while TNS Inc. (TNS), Watson Pharmaceuticals (WPI), KKR Financial Holdings (KFN) and Wabash National Corp (WNC) all moved lower. The Chicago Board Options Exchange Volatility Index closed the day down 4.7 at 18.00 a 20.77% decrease. The Put/Call Volume Ratio is at 0.83 while the Put/Call Open Interest ratio is at 0.91. [InvestorsKeyhole, various news and data sources]

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.