The Straits Times
Published on Dec 25, 2012

US stocks slide on 'fiscal cliff' concerns


NEW YORK (AFP) - United States stocks dipped during a shortened Christmas Eve session on Monday amid pessimism about prospects for a "fiscal cliff" deal by the end of the year.

The Dow Jones Industrial Average was down 51.76 points (0.39 per cent) at 13,139.08.

The broad-market S&P 500 lost 3.49 points (0.24 per cent) at 1,426.66, while the tech-rich Nasdaq Composite shed 8.41 points (0.28 per cent) at 3,012.60.

The White House and lawmakers have until the end of the year to reach a deal to avert the so-called fiscal cliff, a combination of steep tax hikes and spending cuts due to take effect in January.