Stocks Decline as Fiscal Cliff Approaches
(NEW YORK) — Stocks declined Wednesday over new worries that President Obama and Congress can’t reach a deal to avoid the fiscal cliff — the package of automatic federal spending cuts and tax increases set to kick in — before the end of the year.
After two days of strong advances, the Dow closed down 99 points at 13,251.97. The Nasdaq lost 10 to close at 3,044.36. The S&P gave up 11, closing at 1,435.81.
The markets rallied during the month of December, but we may not see much more action. Investors will likely wind down for the year soon.
As for home construction, superstorm Sandy’s getting some of the blame for a slump in housing starts last month. The government says builders broke ground on fewer homes in November.
Crude-oil climbed up 1.8 percent to $89.51 a barrel.
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