UPDATE: Markets are surging on reports of Republican defectors on fiscal cliff talks.
The Dow is now up 130 points.
11:59 AM: The Dow is now up 92 points and the S&P is up 42 points.
11:38 AM: Markets are making a comeback. The Dow is up 49 points and the S&P is up a fraction of a tick.
11:03 AM: Markets are selling off, with the Dow down 15 points and the Nasdaq falling 32 points or 1.1 percent.
Mining behemoth Freeport-McMoRan is getting slammed after the company announced this morning that it would acquire McMoRan Exploration Co. (MMR) and Plains Exploration & Production Company (PXP).
One of the few winners today is Citigroup, which is up 5 percent after announcing 11k job cuts.
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