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US stocks slide on cliff, Apple woes

Published on Dec 15, 2012 6:05 AM

NEW YORK (AFP) - US stocks slid lower on Friday amid worries about Washington's budget impasse, with a sharp drop in Apple weighing on the Nasdaq.

The Dow Jones Industrial Average was down 34.25 points (0.26 per cent) at 13,136.47 in closing trade. The broad-market S&P 500 fell 5.71 points (0.40 per cent) to 1,413.74, while the tech-rich Nasdaq Composite shed 20.83 points (0.70 per cent) to 2,971.33.

Investors continued to be concerned about sharp tax hikes and spending cuts set to take effect in January if Washington fails to reach a deal to avert the so-called fiscal cliff, which economists say would drag the United States into recession.

"The closer we get to the Dec 31 deadline without a deal, however, the more insecure the market will become," said's Patrick O'Hare.