Stocks Close the Week with Losses


0  Updated at 3:35 pm, December 14th, 2012 By: ABC Digital
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Hemera/Thinkstock(NEW YORK) — Investors weren’t in much of a buying mood Friday. Worry over the lack of progress in reaching a deal to avoid the fiscal cliff dragged on the markets.
The Dow called it a week down 35.71 points, a 0.3 percent loss, at 13,135.01. The Nasdaq gave up 20.83 points, falling to 2,971.33. The S&P lost 5.87 points, erasing any gains the index had posted for the week.
A slump in shares of Apple, the most valuable company in the U.S., also dragged on the market. The launch of the iPhone 5 in Beijing didn’t draw the long lines that showed up here and in other places.
Declining gasoline prices helped keep a lid on inflation last month. The Labor Department’s Consumer Price Index dropped three-tenths of a percent in November.
The Federal Reserve says industrial production rose 1.1 percent in November.  Part of the reason was a resumption of output after superstorm Sandy.
Copyright 2012 ABC News Radio

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