NEW YORK (CNNMoney)
The Dow Jones industrial average and the S&P 500 were flat, while the Nasdaq edged up 0.1%.
After progress earlier this week in talks over spending cuts and tax hikes, President Barack Obama and House Speaker John Boehner butted heads Wednesday, setting the stage for a showdown as the deadline looms for an agreement.
"Time is running out, and as the clock and calendar slips by, the markets prepare for some eventual outcome of which has yet to be determined," said Kevin Giddis, head of fixed-income at Morgan Keegan, a division of Raymond James. "That uncertainty is the Achilles heel for most of our markets and that is why we are seeing so much disruption and fatigue in our daily trading."
As has been the case recently, the fiscal cliff continued to trump economic fundamentals.
The government released its final estimate of third-quarter GDP growth: a 3.1% annual rate, much faster than the 1.3% rate in the second quarter. In other economic news, jobless claims rose by 17,000 to 361,000 in the latest week.
After the opening bell, the National Association of Realtors will publish its monthly report on existing home sales.
On the corporate front, shares of NYSE Euronext (NYX) surged 37% after the operator of the New York Stock Exchange agreed to be bought by IntercontinentalExchange (ICE) Inc for $8.2 billion in cash and stock.
KB Home (KBH) shares fell after the homebuilder released quarterly earnings that beat analyst estimates, but declined over the past year. Meanwhile, Rite Aid (RAD, Fortune 500) stock soared after the company reported its first profit in more than five years.
Related: Fortune 500: Worst-performing stocks of 2012
Bed Bath & Beyond Inc (BBBY, Fortune 500) shares slipped after the retailer reported mixed quarterly results late Wednesday and offered weak guidance.
Also late Wednesday, Google (GOOG, Fortune 500) announced it will sell its Motorola Mobility Home division, which includes cable set-top boxes and modems, to Arris (ARRS) for $2.35 billion. Arris stock rose about 7%, while Google ticked slightly higher.
After the closing bell Thursday, BlackBerry maker Research in Motion (RIMM) will announce its quarterly results. Nike (NKE, Fortune 500) will also release its latest earnings.
Fear & Greed Index
European markets were slightly higher in midday trading.
Meanwhile, Asian markets ended mixed, with Shanghai and Hong Kong posting gains and the Nikkei retreating after the Bank of Japan announced a widely anticipated extension of its bond-buying program.
The dollar was weaker against most major currencies. 
First Published: December 20, 2012: 9:42 AM ET
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