SCOREBOARD: Bernanke drag

Ben Bernanke's fiscal cliff comments spooked the market, destroying the lift from strong housing starts.

Last night’s session wasn’t looking too bad initially. European stocks pushed higher with the Dax and the CaC up another 0.7 per cent, while the FTSE rose 0.2 per cent. Then on the open, Wall Street followed suit – everything was looking just swell, the pice de rsistance coming when housing starts surged another 3.6 per cent in October after a 15 per cent spike the month prior.

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