Wall Street likely to shrug off Obama as investors wait for budget deal

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U.S. President Barack Obama delivers his State of the Union speech on Capitol Hill in WashingtonNEW YORK (Reuters) - The U.S. stock market is unlikely to take much direction from Tuesday's State of the Union, although President Barack Obama was less combative in his tone than some on Wall Street expected. Obama's speech provided little in the way of guidance as to whether the White House and Congress will come to a deal to head off large spending cuts that are set to come into effect as of March. The broader market has not been overly concerned about the potential effect of $85 billion in automatic spending cuts that would hit the defense sector hard. ...


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