MORNING COFFEE

House set to Pass Payroll Tax Cut Extension. The House is expected to pass a two-month extension to the payroll tax cut today.  House republicans wanted to extend the cuts for one year, but gave up their fight.  President Obama said "I congratulate members of Congress for ending the partisan stalemate," and continued with "Because of this agreement, every working American will keep his or her tax cut - about $1,000 for the average family."  Yet American’s should be angered about the extension because the payroll tax pays for Social Security which is already bankrupt.  The continuation of these cuts will only harm Social Security in the long run.

Markets: 
Futures at 7:00: Dow +0.4%. S&P +0.5%. Nasdaq +0.35%. Crude +0.3% to $99.80. Gold -0.2% to $1607.60. 

Europe: London +1.0%. Paris +1.2%. Frankfurt +0.3%. 

Asia: Japan closed. Hong Kong +1.4% to 18629. China +0.8% to 2205. India -0.5% to 15739.