The Straits Times
Published on Dec 14, 2012

US stocks sink under fiscal cliff worries


NEW YORK (AFP) - United States stocks closed lower on Thursday under a cloud of fiscal cliff concerns that overshadowed a batch of somewhat positive economic data on jobs, retail sales and inflation.

The Dow Jones Industrial Average fell 74.73 points (0.56 per cent) to 13,170.72.

The broad-market S&P 500 retreated 9.03 (0.63 per cent) to 1,419.45, after six days of gains, while the Nasdaq Composite dropped 21.65 (0.72 per cent) to 2,992.16.

The indexes spent most of the day in negative territory amid concerns about the imminent fiscal cliff of sharp tax hikes and spending cuts due to take effect on Jan 1 unless a political compromise is reached.