S amp P 500 could fall for sixth day

The Standard & Poor's (S&P) 500 Index looks set to fall for the sixth day in a row today (December 31st), US stock futures have indicated.

Such movement comes as the fiscal cliff effect approaches and Congress is eager to come to a budget agreement before this time arrives, Bloomberg reports.

In New York this morning, S&P 500 futures expiring in March climbed by 0.3 per cent to reach 1,388.7, suggesting the measure – which is the benchmark gauge for shares in the US – could open below its 1,402.43 close upon the resuming of stock trading.

Tim Schroeders of Pengana Capital told the news provider that frenetic negotiations are taking place at present, adding: "It's disappointing that politics has got in the way to such an extent, with investors becoming increasingly nervous that this will drag on into the new year."

Today also saw Dow Jones Industrial Average futures gaining 0.2 per cent to stand at 12,800.

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