Markets Close Lower on Fed Chief Warning on Fiscal Cliff
(NEW YORK) — A warning from the head of the Federal Reserve led the market to close lower Tuesday.
The Dow lost seven points for the day, slipping to 12,788.51. The Nasdaq and the S&P both lost a fraction at the close, falling to 2,916.68 and 1,387.81, respectively.
Fed Chairman Ben Bernanke had some advice for Congress and President Obama: do what you must to reach a deal to the fiscal cliff that could lead to a recession next year. Bernanke made the comments Tuesday while speaking to the Economic Club of New York. The deadline for the so-called fiscal cliff is Dec. 31.
An increase in hirings helped lower unemployment rates in 37 states last month. The Labor Department says the jobless rate’s now below seven percent in 23 states.
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