December 21, 2012-Renewed Fiscal Cliff Concerns Weigh on Stocks

With renewed concerns about the looming fiscal cliff generating negative sentiment, stocks are likely to come under pressure in early trading on Friday. The major index futures are currently pointing to a sharply lower open for the markets, with the Dow futures down by 182 points. The downward momentum for the markets comes after House Speaker John Boehner, R-Ohio, scrapped plans to hold a House vote on his "Plan B" legislation due to a lack of support among members of his own party. The legislation would have extended the Bush-era tax cuts for people making up to $1 million, although Democrats claimed it would raise taxes on millions of working families by eliminating certain tax credits. "The House did not take up the tax measure today because it did not have sufficient support from our members to pass," Boehner said in a statement. "Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff."