SEC Crossfire, the Fiscal Cliff, and Nokia’s New Deal: Market Recap

The markets closed down today on Wall Street. In Washington, President Barack Obama held his ground on higher taxes for America’s top earners.

Dow: -0.11%, S&P 500: -0.17%, Nasdaq: -0.18%.

On the commodities front, Oil (NYSE:USO) dropped 0.84 percent to $88.34 per barrel. Precious metals were also down, with Gold (NYSE:GLD) falling 1.33 percent to $1,698.20 per ounce and Silver (NYSE:SLV) falling 2.29 percent to $32.99 per ounce.

Here’s your Cheat Sheet to today’s top stock stories:

Shares of Nokia (NYSE:NOK) closed up 5.83 percent after a report that the company signed a deal with China Mobile (NYSE:CHL), China’s largest wireless carrier, for the Lumia 920.

Marathon Oil (NYSE:MRO) announced on Tuesday that the company will increase its capital, investment, and exploration budget from its current level of $4.8 billion to $5.2 billion next year and will focus on unconventional North American shale plays. Shares closed down 2.4 percent.

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SEC Crossfire Affects Chinese Companies Trading in the U.S.: The Securities and Exchange Commission is accusing the Big Four accounting firms of refusing to hand out auditing documents for Chinese companies listed on U.S. exchanges, but the companies are backed against a wall as Chinese law states that they cannot do that. As a result, the Chinese companies may lose their listings… (Read more.)

The Fiscal Cliff and State Governments: Last week, fiscal cliff negotiations between the Republican-controlled House of Representatives and the White House ended once again in a stalemate. Yet President Obama is forging ahead with his plan to meet a partisan delegation of governors on Tuesday to determine the impact deficit reduction measures will have on their state budgets. (Read more.)

A Not-So-United Banking Union: The 27 members of the European Union have deliberated over how to reform and unite banking institutions for years. The financial crisis in the euro zone is growing old and in some cases manageable, but finance ministers all agree that the legal framework, which establishes the rules and regulations for banking institutions in the region, needs to be fixed. However, a disagreement between Germany and France threatens to delay a solution originally sought by the end of the year… (Read more.)

Don’t Miss: Will SEC Crossfire Affect Chinese Companies Trading in the U.S.?