NEW YORK (CNNMoney) -- Sick of the fiscal cliff negotiations yet? Well, tough luck - the ongoing talks in Washington appear set to take center stage for investors again on Tuesday.
U.S. stocks opened mixed, as uncertainty over the ongoing political wrangling put investors on edge.
"For better or for worse, we expect markets to stay in the same sort of volatile, short-term back-and-forth environment until a deal is reached on the fiscal cliff," said Russ Koesterich, BlackRock's Global Chief Investment Strategist in a note to clients.
The Dow Jones industrial average rose 15 points, or 0.1%. The S&P 500 gained slightly and the Nasdaq shed 0.1%.
President Obama outlined a proposal last week that called for $1.6 trillion in new taxes, among other things. Republicans issued a counter-proposal Monday that included tax reforms, changes to Medicare and other spending cuts worth $2.2 trillion over the next decade.
That plan was quickly dismissed by the White House, and the apparent deadlock is likely to set the tone for markets.
Related: Alan Simpson: D.C. is 'totally confused'
In corporate news, shares of Big Lots (BIG, Fortune 500) jumped after the discount retailer posted a narrower loss than analysts had been expecting.
Home builder Toll Brothers (TOL) reported fourth quarter revenue that topped forecasts, sending shares higher.
MetroPCS (PCS, Fortune 500) shares slipped following reports that Sprint (S, Fortune 500) is not likely to make a counter offer to acquire the wireless carrier.
Shares of Pandora (P) were higher as investors geared up for the music streaming service's earnings release after the closing bell.
After the market closed Monday, Oracle (ORCL, Fortune 500) announced plans to make its second, third and fourth quarter dividend payments for fiscal year 2013 this month. The tech giant is the latest in a string of companies that have accelerated dividend payments in anticipation of higher tax rates next year.
U.S. stocks ended lower Monday.
Fear & Greed Index
European markets were mixed in afternoon trading, while Asian markets ended the trading mixed.
The dollar was weaker against European currencies and the yen.
Oil prices for January delivery declined more than 1% to $87.88 a barrell.
Gold for December delivery fell more than 1% to $1,697.80, falling below $1,700 for the first time since early September.
The price on the 10-year U.S. Treasury rose, pushing the yield down to 1.62% from 1.63% late Monday. 
First Published: December 4, 2012: 9:43 AM ET
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