NEW YORK (TheStreet) -- The major U.S. averages edged up Friday as a strong read on American consumer confidence provided a slight respite from worries about the fiscal cliff and the eurozone.
Stocks pared early gains, however after President Barack Obama addressed the U.S. fiscal cliff at the White House's East Room on Friday afternoon. Congress is expected to begin tackling the issue next week. Obama reiterated his belief that higher taxes for wealthy Americans will be necessary to address the deficit.
The Dow Jones Industrial Average added a little more than 4 points, or 0.03%, to close at 12,815. The blue-chip index lost 2.12% for the week, its worst performance in more than five months. Year-to-date, it's still up 4.89%.
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