Cliff maneuvering helps stocks trim

Cliff maneuvering helps stocks trim losses
CBOE Volatility Index hits five-month high during session

NEW YORK (MarketWatch) — U.S. stocks reduced their losses Thursday after word the U.S. House would convene Sunday night as lawmakers try to reach a deal to break the budget impasse before the end of the year.
“As long as the negotiations resolve themselves relatively early we’ll get out mostly unscathed,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.Equities erased the bulk of what had been sharp losses as Wall Street detected movement to avoid steep spending cuts and tax increases set to start Jan. 1.

After falling below the 13,000 level for the first time in three weeks, the Dow Jones Industrial Average (DJI JIA) came back from a 150-point decline to end at 13,096.31, down 18.28 points, or 0.1%.

The S&P 500 index (SNC:SPX) retreated 1.74 points, or 0.1%, to 1,418.09, with utilities hardest hit and consumer companies the best performing of its 10 industry sectors.

The Nasdaq Composite (NASDAQ:COMP) declined 4.25 points, matching the 0.1% retreat of the other major indexes, to 2,985.90.

Decliners edged ahead of advancers on the New York Stock Exchange, where nearly 567 million shares traded. Composite volume topped 2.8 billion. http://www.marketwatch.com/story/us-stocks-st...=afterbell