Boehner Comments Strip Winds from the Dow’s Sails

Andrew Klips |

John Boehner, Speaker of the United States House of RepresentativesStocks have pared early morning gains that were fueled by optimistic economic data showing that the U.S. economy grew faster than originally thought in the third quarter, strong pending home sales and initial jobless claims declining in the latest full week.

The bulls were also making a morning run following a strong Wednesday session as traders felt that Republicans and Democrats were putting aside differences in Washington to address the upcoming fiscal cliff, a $600 billion blend of tax increases and spending cuts set to occur with the New Year.  President Obama had said on Wednesday that he felt confident that an agreement would be reached by Christmas, wending way for two consecutive down days for the Dow to be eliminated by upward market pressure.

The momentum lost its steam after House Speaker John Boehner said in a Thursday morning press conference that “no substantive progress” has been made to address the cliff in the past two weeks.  Boehner added that the Democrats “have yet to get serious about spending cuts.”

Boehner delivered his speech after speaking with Treasury Secretary Timothy Geithner, saying that the Democrats have said that they will make concessions towards savings, but have yet to provide any recommendations for program cuts to date.

As much as the top Republican negotiator helped markets on Wednesday, he pulled the life out of them today.  Shortly after Boehner’s comments, the Dow released 60 points to fall back to about even for the day.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
WRITD WRITD n/a n/a n/a 0


Emerging Growth

Blow & Drive Interlock Corp

Blow & Drive Interlock Corp manufactures, markets, leases, installs and monitors a Breath Alcohol Ignition Interlock Device mechanism on the steering column of an automobile and into which a driver…

Private Markets


Our mission is to be the best place for people who care about music to create and discover thoughtfully curated playlists. In essence, 8tracks is a platform for online mixtapes.


D-Wave Systems is the first quantum computing company. Its mission is to integrate new discoveries in physics, engineering, manufacturing, and computer science into breakthrough approaches to computation to help solve…