Stocks flat despite U.S. budget deal

NEW YORK (CNNMoney)

The Dow Jones industrial average, the S&P 500 and the Nasdaq were flat.

Congressional negotiators reached a bipartisan budget compromise late Tuesday that would prevent another government shutdown, if approved by the House and Senate. The deal would set spending levels, reduce the deficit and relieve some of the arbitrary, forced spending cuts.

Some analysts say the deal could make the Fed more likely to announce it will begin trimming its $85-billion a month bond purchases as early as next week. Fed chairman Ben Bernanke has said repeatedly that uncertainty about fiscal policy is a threat to the economy.

"It certainly does appear that a window of opportunity could be opening up for the Fed to act next week without a sharp market reaction," said Michael Hewson, chief market analyst at CMC Markets UK.

Still, many investors say the Fed will remain on hold at next week's policy meeting. The general consensus is that Fed vice chair Janet Yellen, who has been nominated to succeed Bernanke and is awaiting final approval from the Senate, will begin tapering early next year.

Related: Fear & Greed Index slips closer to Neutral

Costco (COST, Fortune 500) shares dropped after the company reported quarterly profit s that fell just short of analysts' expectations.

Shares of MasterCard (MA, Fortune 500) rose after the company said it would increase its quarterly dividend by 83% and announced a share buyback program. The company also announced a 10-for-1 stock split effective in January.

Smith & Wesson (SWHC) shares jumped a day after the gun maker reported quarterly earnings that beat expectations.

European markets were mixed, while Asian markets ended lower.

First Published: December 11, 2013: 9:47 AM ET

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