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While you were sleeping Hope fades for budget deal

Wall Street sank as Senate Majority Leader Harry Reid warned the US appeared set to head over the so-called fiscal cliff as an agreement between Democrats and Republicans before the year-end deadline seems unlikely. “I don’t know time-wise how it can happen now,” Reid said in the Senate. He blamed Republicans for a lack of cooperation. Americans are worried too. …

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MARKET CLOSE NZ shares rise in light holiday trading; Fletcher, Hellaby gain

New Zealand stocks rose in light holiday trading, helped by gains in Fletcher Building, with US fiscal cliff negotiations likely to be the focus through the year end. Hellaby Holdings rose after agreeing to buy a maintenance and industrial cleaning business. The NZX 50 Index rose 7.627 points, or 0.2 percent, to 4065.447. Within the index, 20 stocks rose, 18 …

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