Senate Passes Tax Cut Extensions but Stocks Fall Off Early Highs (BP, MCD)

Wall Street falls from early gains despite encouraging economic reports, headlined by the passage of a compromised extension for the Bush era tax cuts. Despite early opposition from some Democrats, the agreement between President Obama and the Republicans passed through the Senate easily. In other government news, the US Justice Department has filed suit against British Petroleum (BP), among others, for damages resulting from the Gulf oil spill. In corporate news, Chrysler Group has announced a large recall for their minivans over fears of improper air bag inflation.

Word on the Street

• The US Senate passed the compromised version of Bush tax cuts today by a wide margin, despite initial Democratic resistance.
• The Justice Department has filed motions to sue British Petroleum (BP) for costs of damage from the catastrophic Gulf oil spill.
• Chrysler Group, LLC is recalling 367,000 minivans after the discovery that a water leak may cause the airbags to deploy, potentially injuring passengers.
• The US dollar strengthened again Wednesday, as treasury yields head higher and solid economic reports.
• McDonold’s (MCD) is being sued for marketing Happy Meals to children.
• Facebook CEO Mark Zuckerberg beats out Apple (AAPL) CEO Steve Jobs to be named Time’s Person of the Year.
• Electronic Arts (ERTS) is moving focus away from console gaming and venturing into mobile gaming – will it pay off?

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