This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Futures Rise Ahead of 'Fiscal Cliff' Deadline

Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, AAPL, BAC, C, DUF

NEW YORK ( TheStreet) -- Stock futures were rising Monday ahead of the final day for legislators in Washington to avoid tax hikes and deep across-the-board spending cuts that would go into effect at midnight if Congress can't reach a temporary deal.

Futures for the Dow Jones Industrial Average were up 0.52%, or 67 points, at 12,844. Futures for the S&P 500 were adding 0.81%, or 11.25 points, to 1395. Nasdaq futures were gaining 0.52%, or 13.5 points, with a fair value of 2600.

Reports surfaced early Monday that Senate Minority Leader Mitch McConnell and Vice President Joe Biden had made "major progress" toward a budget deal.

Congress failed to reach an agreement over the weekend as Democrats and Republicans went back and forth on where they should set a threshold of income for individuals and families.

Democrats had hoped to increase taxes on those individuals who had earned more than $360,000 each year and families with incomes of $450,000, but Senate Republicans suggested the individual tax hikes go to those earning $450,000 or more and on couples making a yearly amount of $550,000.

"There's still significant distance between the two sides, but negotiations continue," Senate Majority Leader Harry Reid said Sunday night.

Stocks fell on Friday as investors feared legislators would fail to reach any sort of deal by the Jan. 1 deadline.

President Barack Obama emerged after the closing bell on Friday to say that he had engaged in a "constructive discussion" with House and Senate leadership about preventing tax hikes on the middle class.

"But if an agreement isn't reached in time between Sen. Reid and Sen. Mitch McConnell, then I will urge Sen. Reid to bring to the floor a basic package for an up-or-down vote," Obama said on Friday.

The president said the basic package would include a plan to protect middle-class tax cuts, extend unemployment insurance and groundwork for deficit reduction.

The economic calendar on Monday includes the Dallas Fed manufacturing survey at 10:30 a.m. EST.

The FTSE 100 in London was dipping 0.47%, while the DAX in Germany was down 0.57%. Asian markets finished mixed on Monday as investors there appeared uncertain as to whether the U.S. would reach a so-called fiscal cliff deal. Hong Kong's Hang Seng shed 0.04% to 22,657. Japanese markets were closed.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs