by Marc Bastow | December 27, 2012 4:32 pm
Investors and the markets may not be definitely headed over the fiscal cliff, but they are certainly moving towards it.
Congress made no progress on the day and markets ended in the red despite a last minute jump that came on news that the House will reconvene Sunday.
A poor Consumer Confidence Index report added to the gloomy day. The Dow ended down 0.14% at 13,096.31, while the Nasdaq also lost 0.14% to 2,985.91 and the S&P 500 dropped 0.12% to 1,418.09.
On the corporate front, Amazon (NASDAQ:AMZN) shares continued to slide, falling fractionally after the company was blamed for a one-day Netflix (NASDAQ:NFLX) service disruption.
Marvell Technology (NASDAQ:MRVL) shares tumbled just over 3.5% after a jury ruled against the chip-maker in a $1.17 billion patent infringement case brought by Carnegie-Mellon University.
J.C. Penney (NYSE:JCP) gave back all of Wednesday’s 4% gains, dropping almost 6% on no particular news.
Shares of gun-maker Smith & Wesson (NASDAQ:SWHC) recovered after recent losses. The company announced a plan to buy back $15 million in its own stock.The stock traded up almost 4% on the day.
Toyota Motors (NYSE:TM) gained over 2% after the company settled a class action lawsuit for $1.1 billion. The automaker is admitting no fault in the settlement.
Finally, Disney‘s (NYSE:DIS) Marvel Comics killed off Peter Parker (Spider-Man). The role of Spider-Man will be taken over by the character’s one-time enemy Otto Octavius — better known as Doctor Octopus.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.
Source URL: http://investorplace.com/2012/12/markets-fall-cliff-gets-closer-thursdays-ip-market-recap-amzn-nflx-mrvl-jcp-swhc-dis/
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