(NEW YORK) — As Washington argues about the fiscal cliff, U.S. stock markets had another down day.
The Dow closed at 12,570.95, down 185.23 points or 1.45 percent for the day. This was the Dow’s fifth down day in six trading days since the election.
The Nasdaq closed down 37 points at 2,846.81, a 1.29 percent loss. The S&P 500 lost 19.04 points to close at 1,355.49.
A prominent killing and rocket fire in the Middle East are further bad news for stock markets, and can be blamed for a spike in the price of oil. Oil settled at $86.32, up 94 cents in New York trading Wednesday.
Copyright 2012 ABC News Radio
Rob McLean and Joshua Berlinger, CNN
Heather Hourigan, CNN