US futures off before Obama addresses fiscal cliff - 13 WTHR Indianapolis

US futures off before Obama addresses fiscal cliff

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U.S. stock futures are falling in some of the heaviest trading this week before President Barack Obama addresses the so-called fiscal cliff, an issue that has driven markets lower since his re-election three days ago.

Dow Jones industrial futures are down 57 points to 12,718. The broader S&P futures have fallen 6 points to 1,369.30. Nasdaq futures are down 5.5 points to 2,566.50.

What Obama says Friday will give markets a better idea of what path lies ahead in a showdown with Republicans and the odds of avoiding the one-two punch of tax increases and automatic spending cuts due in January.

Also on Friday, J.C. Penney shocked investors again with a loss of $123 million for the quarter. Like the previous quarter, it is much worse than was expected.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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