U.S. markets are likely to remain in wait-and-see mode today as light trading volumes ahead of Thanksgiving

U.S. markets are likely to remain in wait-and-see mode today as light trading volumes ahead of Thanksgiving, concerns over the fiscal cliff and lack of a Greece debt-reduction agreement weigh on investors. Euro finance ministers failed to reach an agreement today surrounding Greece’s fiscal woes that would pave the way for much needed bailout funds to be released. Discussions lasted nearly 12 hours and it was said that progress was made. However, Greece’s future in the Eurozone remains in limbo, at least until Monday when talks are scheduled to resume. Tensions in the Middle-East remain high as hopes for a cease-fire seem to be dwindling following a bus bombing in Tel-Aviv. Here in the U.S. initial jobless claims came in at just 41,000 last week compared to the 90,000 claims the week before. The Labor Department has cited Hurricane Sandy as the culprit for the unusually high claims but as the North East continues to recover the claims should fall. The University of Michigan will release the last of its November readings on consumer sentiment at 10:00 AM ET. Have a great day and Happy Thanksgiving!