NEW YORK (CNNMoney)
The Dow Jones industrial average the S&P 500 both rose about 0.1%, while he Nasdaq was little changed. The tepid trading came as investors returned from the Christmas holiday. U.S. markets were closed Tuesday and Monday was an abbreviated trading day.
Market bulls have pulled in their horns as President Obama and Congress have been unable to agree on a plan to avert tax hikes and spending cuts from kicking in automatically on Jan. 1.
The bears have become increasingly convinced that Washington will fail to resolve a self-inflicted crisis that could tip the economy into recession.
As the talks continue, Obama is ending his vacation Wednesday to make a late bid to reach a deal before the year ends. The White House said he should be back in Washington Thursday, when House and Senate members are expected to reconvene.
With little else on the economic or corporate docket, the fiscal cliff is the sole focus for investors, said Ryan Larson, head of U.S. equity trading for RBC Global Asset Management. "Any kind of deal will be good for the market," he said. "Whether a full deal is reached or they kick the can down the road, the market will be happy."
Related: What will happen to stocks if we go over the cliff?
On the economic front, home prices rose at an annual rate of 4.3% in October, according to the S&P/Case-Shiller home price index. It was the biggest rise in home prices in more than 2 years and topped analysts' expectations.
The housing data came on the heels of weak retail sales during this holiday shopping season. MasterCard's (MA, Fortune 500) SpendingPulse reported that retail sales during the run-up to Christmas showed an increase of only 0.7% versus last year, and far below the expected 3% to 4%.
Fear & Greed Index
European markets were closed Wednesday for Boxing Day.
Japan's Nikkei index gained 1.5%, and the yen continued its recent slide against the dollar as the country's parliament elected Shinzo Abe as prime minister. Abe, who won a landslide election victory earlier this month, has promised aggressive stimulus measures to combat deflation and get the world's third-biggest economy growing again.
Markets in Hong Kong were closed, while the Shanghai Composite ended flat.
Oil and gold prices moved higher. The yield on the 10-year U.S. Treasury note was unchanged at 1.77%. 
First Published: December 26, 2012: 9:38 AM ET
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