The Straits Times
Published on Dec 28, 2012

US stocks down as 'fiscal cliff' deadline nears


NEW YORK (AFP) - United States (US) stocks dipped on Thursday in the absence of a deal to avert a "fiscal cliff" crisis as an end-of-year deadline crept closer.

The Dow Jones Industrial Average finished the session down 18.28 points (0.14 per cent) at 13,096.31.

The broad-market S&P 500 slipped 1.73 points (0.12 per cent) at 1,418.10 while the tech-rich Nasdaq Composite shed 4.25 points (0.14 per cent) at 2,985.91.

Washington has until the end of the month to reach a compromise on how to avert a crisis that could lead to steep tax hikes and stringent budget cuts.