Stock gains erased on pessimism over budget talks

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Associated Press

Posted on November 29, 2012 at 11:02 AM

Updated Thursday, Nov 29 at 11:02 AM

NEW YORK (AP) — An early gain on Wall Street is evaporating after House Speaker John Boehner said little progress was being made in budget talks in Washington.

The Dow Jones industrial average had been up as much as 77 points in morning trading Thursday, but turned lower after Boehner's remarks at 11:30 a.m. Eastern. At midday the Dow was down four points at 12,980.

The Standard & Poor's 500 was up two points at 1,412 and the Nasdaq was up 11 at 3,003.

The market got off to a strong start following several positive economic reports.

Investors have been closely following the talks between the White House and Congress, which are aimed at avoiding sharp spending cuts and tax increases at the beginning of the year.

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