U.S. stocks fall as retailers slump ahead of fiscal cliff deadline

“U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a third day, as President Barack Obama and Congress prepared to resume budget talks and retailers slumped after the Christmas holiday,” Inyoung Hwang reports for Bloomberg News.

“Nine out of 10 groups in the S&P 500 (SPX) retreated,” Hwang reports. ” Apple Inc. (AAPL), the world’s most valuable company, slipped 1.4 percent as technology shares tumbled.”

Hwang reports, “The S&P 500 fell 0.5 percent to 1,419.83 at 4 p.m. in New York. The index’s three-day losing streak is the longest since Nov. 15. The Dow Jones Industrial Average dropped 24.49 points, or 0.2 percent, to 13,114.59 today… ‘The finance center is still Washington right now,’ Scott Armiger, a money manager at Christiana Trust in Greenville, Delaware, said in a telephone interview. Christiana Trust has $14 billion in client assets.’With the fiscal cliff, the questions are how bad will the deal be or will they just extend it and let the new Congress address it?'”

Read more in the full article here.

Related article:
Apple down, stocks add to losses as ‘fiscal cliff’ looms; extremely weak U.S. holiday shopping reported – December 26, 2012


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