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Stocks tumble as ‘fiscal cliff’ deadline nears

December 29, 2012 • National News


Traders work on the floor at the New York Stock Exchange in New York, Friday, Dec. 28, 2012. Stocks were heading lower Friday, for a fifth day, on concern that Washington lawmakers will fail to reach a budget deal before a year-end deadline. (AP Photo/Seth Wenig)

NEW YORK (AP) — Stocks fell for a fifth day on concern that Washington lawmakers will fail to reach a budget deal before a self-imposed year-end deadline.

The five-day losing streak for the Dow Jones industrial average was the longest since July.

The Dow dropped 158.20 points to 12,938.11 points, with losses accelerating in the last 20 minutes of trading as reports circulated that President Barack Obama would not be making a new budget proposal in a meeting with congressional leaders.

The Standard & Poor 500 index fell 15.67 points to 1,402.43, its longest losing streak in three months, and the Nasdaq dropped 25.59 points to 2,960.31.

“The reality, late in the day, is that a deal is just not going to get done,” said Ryan Detrick, a senior technical Login to read more

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