News Column

US Stocks Dip as Fiscal Cliff Remains at Forefront

Dec. 27, 2012
Market dropping

Wall Street ended down Thursday as fiscal cliff negotiations in Washington remain at the top of traders' minds, even as the possibility of a deal trimmed losses late in trading.

Word that US lawmakers in the lower House of Representatives will return to Washington Sunday in a last-minute bid to avert the fiscal cliff of steep austerity measures pushed stocks back up late in the day. Shares earlier had been driven lower as top Democrat in the US Senate, Harry Reid, predicted that no deal would be reached before year's end.

The blue-chip Dow Jones Industrial Average closed the day down 18.28 points, or 0.14 per cent, to 13,096.3. The broader Standard & Poor's 500 Index fell 1.74 points, or 0.12 per cent, to 1,418.09. The technology-heavy Nasdaq Composite Index slid 4.25 points, or 0.14 per cent, to 2,985.91.

The US currency dipped to 75.55 euro cents from 75.6 euro cents on Wednesday. The dollar rose against the Japanese currency to 86.1 yen from 85.51 yen.



Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH


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