Trading Room home page

US stocks lower as fiscal cliff looms

Market watch top headlines

Australian reports

World reports

Stocks to watch

ALL, BHP, RIO, FMG, BLK, DOW, FLT, NBL,

NEW YORK, Dec 19 AFP

December 20 2012, 08:26AM

US stocks have closed lower as market sentiment soured less than two weeks before the United States risks going over the so-called fiscal cliff.

The Dow Jones Industrial Average slumped 99.14 points, or 0.74 per cent, to 13,251.82 in closing trade.

The broad-market S&P 500 dropped 10.98 points, or 0.76 per cent, at 1,435.81, while the tech-rich Nasdaq Composite lost 10.17 points, or 0.33 per cent, to 3,044.36.

Washington has until the end of the month to reach a deal to avert the fiscal cliff, a series of tax hikes and spending cuts that are due to take effect in January and could plunge the world's biggest economy into recession.