Stocks Pare Losses As House Calls Sunday Session

U.S. stocks recovered most of their earlier losses after House Speaker John Boehner announced Thursday that the House would reconvene Sunday evening to resume talks ahead of the looming "fiscal cliff" deadline. After falling as much as 1.3 percent after Senate Majority Leader Harry Reid warned that the country was likely “headed” over the cliff, the S&P 500 rebounded and closed for the day down less than 0.1 percent. The Dow Jones Industrial Average, which dipped nearly 150 points, closed just 18.28 points in the red, back above the psychologically important 13,000-mark. "The markets remain held hostage to the perceived negotiations in Washington regarding the fiscal cliff," Jim Russell, a chief equity strategist at U.S. Bank Wealth Management told Bloomberg News. If the president and members of Congress do not agree on a deal before Jan. 1, a mix of painful automatic spending cuts and tax increases will take effect.

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