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Stocks slide on ‘fiscal cliff’ warning

November 28, 2012 • Business


FILE – In this Thursday, Nov. 15, 2012, file photo, traders work on the floor at the New York Stock Exchange, in New York. Investors are taking little comfort from the latest deal to deliver financial aid to Greece and increases in U.S. consumer confidence and orders for machinery and equipment. (AP Photo/Seth Wenig)

NEW YORK (AP) — Stocks slumped on Wall Street Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington.

The Dow Jones industrial average closed down 89.24 points to 12,878.13. The Dow and other indexes had been moving between small gains and losses for most of the day, then turned lower after Reid’s comments in the early afternoon.

“We have to get away from the happy talk and start talking about specific things,” Reid told reporters in televised comments.

The Standard & Poor’s 500 lost 7.35 points to 1,398.94 and the Nasdaq composite index lost 8.99 points to 2,967.79.

Worries about the budget talks have been hanging over the stock market for weeks. Stocks slumped immediately after the Nov. 6 election over concerns that politicians Login to read more

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