A failure to reach an agreement on debt cuts threatens to end the payroll tax reduction and unemployment benefits simultaneously. The impact this could have on the 2012 economy is more significant than some realize.
China stocks opened lower and continued to fall in Hong Kong Monday, weighed down by worry over European debt and possible failure of the U.S. deficit-reduction Super Committee.
Rumors that the Super Committee would announce its failure to reach a compromise by Wednesday's deadline, triggering automatic spending cuts, sent markets into a free fall.
Alon USA Energy's stock spiked after an earnings report showed strong year over year improvements while several other small cap energy stocks also were also on the move.