US stocks fall ahead of meeting
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NEW YORK, Dec 28 AFP
December 29 2012, 01:50AM
US stocks have opened lower as the New Year's Eve "fiscal cliff" deadline looms.
In the first few minutes of trade on Friday, the Dow Jones Industrial Average was down 74.33 points (0.57 per cent) at 13,021.98.
The broad-market S&P 500 lost 8.73 points (0.62 per cent) to 1,409.37, while the tech-rich Nasdaq Composite dipped 19.29 points (0.65 per cent) at 2,966.62.
US President Barack Obama will host top congressional leaders on Friday in an 11th-hour bid to halt the fall over the so-called fiscal cliff, a series of steep tax hikes and spending cuts that are set to kick in from January 1.
Experts say going over the cliff could take the world's biggest economy into recession.
On Thursday, the Dow and the Nasdaq Composite slid 0.14 per cent, while the S&P 500 shed 0.12 per cent.