Stocks Pare Losses, End Flat for the Day
He also said that loopholes to getting rid of special interest deductions should be closed and that there needs to be a balanced approach in the negotiations that also cuts spending.
A bright spot for the markets Friday was the approval of the Greek debt deal by German lawmakers.
The German Parliament on Friday gave the green light, by a vote of 473-100, for a deal assembled by European finance ministers earlier this week to reduce Greece's debt burden to 124% of GDP by 2020. The approval helps open the path to unlocking €44 billion in financial aid to Greece and helps prevent the country from sliding into bankruptcy and potentially leaving the eurozone.
On the U.S. data front, the Bureau of Economic Analysis said Friday that personal income was flat in October after rising 0.4% in September, while personal spending fell 0.2% after increasing 0.8%. Economists expected personal income to rise 0.2% and personal spending to be flat.
Core prices ticked up 0.1% after rising by 0.1% the prior month. Economists predicted an increase of 0.2%.
"This is a disappointing report even if adjusting for Sandy in terms of spending and income with another benign read on core inflation," said David Ader, a strategist at CRT. "Here we are daunted by the flat gain in disposable income with real disposable income down 0.1% an up a mere 1.2% year-over-year. Think about this in the context of higher taxes in 2013."
Meantime, the Chicago PMI Index showed a rise to 50.4 in November from 49.9 in October, snapping a two-month contraction in the manufacturing sector in the Chicago region. Economists were expecting a rise to 50.5.
Gold for February delivery shed $16.80 to settle at $1,712.70 an ounce at the Comex division of the New York Mercantile Exchange, while January crude oil contracts added 84 cents to close at $88.91 a barrel.
The benchmark 10-year Treasury rose 1/32 to dilute the yield to 1.616%. The dollar was off 0.10%, according to the U.S. dollar index .
Zynga disclosed in a regulatory filing that it will no longer have to display Facebook ads or use Facebook payments on its own Zynga.com properties. Facebook will be permitted to develop its own games under the new partnership.
Zynga shares erased 6.1%.
Zumiez(ZUMZ) shares tumbled after the specialty retailer gave a disappointing outlook on Thursday and quarterly revenue came in below analysts' forecasts. The stock shed 0.34%.
Splunk (SPLK) , the software company, was up 0.73%. The company gave fourth-quarter revenue guidance on Thursday that was above Wall Street estimates.
Citigroup's (C) trading and investment-banking division plans to cut 150 more jobs and shrink bonuses by as much as 10%, Bloomberg reported, citing two people with direct knowledge of the decisions. The shares dipped 1.82%.