US stocks slide on 'fiscal cliff' concerns

AFP
AFP
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on December 20, 2012

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on December 20, 2012. US stocks dipped during a shortened Christmas Eve session Monday amid pessimism about prospects for a "fiscal cliff" deal by the end of the year.

US stocks dipped during a shortened Christmas Eve session 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 percent) at 13,139.08 in closing trade.

The broad-market S&P 500 lost 3.49 points (0.24 percent) at 1,426.66, while the tech-rich Nasdaq Composite shed 8.41 points (0.28 percent) at 3,012.59.

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. With the clock ticking, no compromise appears imminent.

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