Friday will be another day of wait, see and worry for investors on Wall Street and around the world. Lawmakers continued to attempt to find the solution to the fiscal cliff that will arrive in just four days.
Stock futures in the U.S. were lower on Friday as fears increase over the impact of the cliff, if no deal is reached.
President Obama along with leaders in Congress will discuss the current impasse in negotiations on Friday at a meeting in the White House, while the House of Representatives are scheduled to return to work on Sunday. If a deal is not reached on the fiscal cliff, the economy in the U.S. could be pushed into a double-dip recession.
Investors hope that leaders of Congress and the President can reach some type of breakthrough to postpone some of the spending cuts and tax hikes that are scheduled to automatically take affects as of January 1.
Anxiety over the uncertainty has taken a big toll on financial markets. Stocks were in sell off mode for four consecutive sessions, as hopes have diminished for a budget agreement and all three U.S. indexes are headed for month’s end in the red.
In Friday’s premarket trading Bank of America, JPMorgan Chase and Citigroup were all down. On Thursday, bank stocks were some of the biggest drags on the financial market. Stocks were slightly down overall on Thursday, as the news that the House was returning on Sunday helped spark a slight rebound during the days last hour of trading, helping the Dow come back from a loss of 151 points.