Obama To Make Statement At 1:30 PM, Stocks Pop Then Fade

With just 3 hours left in the trading day, why not up the stakes a little in the soap opera and take it straight to the star character: OBAMA MAKING STATEMENT ON BUDGET TALKS AT 1:30 P.M. What will he disclose? Perhaps this, from the AP: The contours of a deal to avert the 'fiscal cliff' emerged Monday, with Democrats and Republicans agreeing to raise tax rates on couples making over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations said.   But with a midnight deadline rapidly approaching, both sides were at an impasse over how to handle automatic, across-the-board spending cuts set to take effect on Jan. 1. Democrats want to put off the cuts for one year and offset the so-called sequester with unspecified revenue.   The deal in the works would return tax rates on families making over $4...