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Stocks recoup most of early losses

Published By United Press International
NEW YORK, Dec. 27 (UPI) -- U.S. stock markets turned around Thursday, almost returning stocks to break-even, as investors learned of renewed efforts to reach a budget agreement.

The House is set to reconvene Sunday, giving hope the budget impasse can be resolved and the so-called fiscal cliff averted, The Wall Street Journal reported.

The news almost erased the morning's losses, but markets closed in negative territory for the day.

Without a new budget plan in place by Jan. 1, a budget that calls for $500 billion in spending cuts and tax hikes would take effect. This has widely been predicted to be too much of an adjustment for the economic recovery, which some analysts say would turn into a recession should the default budget take effect.

By close of trading Thursday, the Dow Jones industrial average lost 18.28 points or 0.14 percent to 13,096.31. The Nasdaq lost 4.25 points or 0.14 percent to 2,985.91.

The Standard & Poor's 500 shed 1.73 points or 0.12 percent to 1,418.10.

On the New York Stock Exchange, 1,383 stocks advanced and 1,658 declined on a volume of 2.8 billion shares traded.

The 10-year treasury note was up 5/32 to yield 1.739 percent.

The euro rose to $1.3236 from Wednesday's $1.3224. The dollar rose to 86.58 yen from 85.62 yen.

In Tokyo, the Nikkei 225 index added 0.91 percent, 92.62 points, to 10,322.98.

In London, the FTSE 100 index rose less than 0.01 percent, adding 0.12 points to 5,954.30 after the Boxing Day holiday.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa