Stocks Opened Lower Without Cliff Solution

Stocks opened lower on Monday as political leaders in Washington worked to find agreement that would keep the United States from falling off the “fiscal cliff.” The Dow Jones industrial average lately was down 24.02 points, or 0.19 percent, at 12,914.09. The Standard & Poor’s 500 Index was down 0.13 point, or 0.01 percent, at 1,402.30. The Nasdaq Composite Index was up 5.48 points, or 0.19 percent, at 2,965.79.

A failure by Congress to extend tax cuts on the middle class in the next 48 hours and avert the fiscal cliff will likely hurt the economy and financial markets, President Barack Obama said Sunday. Speaking on NBC’s “Meet the Press,” Obama said there was no agreement yet to avoid the fiscal cliff.

Treasury prices turned back down Monday, pushing yields up slightly from their lowest level in about two weeks. Yields on 10-year notes (ICAPSD:10_YEAR) , which move inversely to prices, turned up 2 basis points to 1.72%.

Tribune Co. will officially emerge from bankruptcy Monday and name its new board, ending the company’s four-year odyssey through the Chapter 11 process.

Carlyle Group’s deal to buy investment bank Duff & Phelps is a “good sign” for independent investment banks that are looking for an M&A wave in the coming year, JMP Securities analyst David Trone said in a research report today.