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Wall Street reaction to 'fiscal cliff' wrangling

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  • Description

    Fox Business Network senior Washington correspondent Peter Barnes weighs in

  • Duration 2:17
  • Date

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You let's take a look at Wall Street's reaction to the ongoing fiscal cliff negotiations and what happened today Fox Business Network senior Washington correspondent Peter Barnes.

Is that the White House tonight with the latest meeting Peter.

I will get evening -- while the Dow was up more than 1% today on optimism that at least most of the bush tax cuts will be extended for.

Almost everybody -- worth more than three.

Trillion dollars over the next ten years and that means three trillion dollars and more that will stay in the pockets of consumers so they can go out and buy cars and houses and refrigerators and I pads and -- phones which would be good for corporate profits.

If we get a fiscal deal that really addresses the long term trajectory.

That might be the final piece of the -- excuse that could lift markets and take them up to double digit gains for 2013.

And that -- double digit gains for two of the three major indexes in 2012.

With the gains today the Dow Jones Industrial Average finished up more than 7% for the year the broader S&P 500.

Was up about thirteen and a half percent and the tech heavy NASDAQ which sells I've which includes apple itself iphones and ipads.

Was up about 16% for the year Brett.

What about the job investor provisions in the framework of this fiscal -- Well the proposal includes provisions to cover taxes on capital gains and dividends which is of course variant for important to average investors.

Under the proposal they would stay at 15%.

For families making under 450000.

Dollars a year on for individuals making.

Under 400000.

Here but for our families and individuals making over those benchmarks they would go up to 20% under this deal -- And you know the big question is really are there the votes in either the senate to get through logistically.

Over the hurdles that it would need to get through.

And are there really the votes in the house if the senate passes when it passes -- to get it through as it -- Yeah -- right now this is all just day of proposal for our framework for a deal right yeah it's really up in the air Peter Barnes at the White House Peter thank --

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