U.S. stocks start lower on fiscal-cliff view
NEW YORK (MarketWatch) — U.S. stocks began lower on Friday, with Wall Street extending losses into a fifth session, amid worries talks between the White House and Congress may not break the budget impasse. “There might be some last-minute ‘Hail Mary’ resolution, or a chance there is some tax agreement, but I don’t think there will be any spending agreement” before the end of the year, said Chip Cobb, portfolio manager at BMT Asset Management. The market is for the most part prepared for the budget drama to continue to play out into the first two to three weeks of 2013, Cobb said. “What it’s not prepared for is if it’s Feb. 15 and we’re still talking about this.” The Dow Jones Industrial Average declined 71.88 points to 13,024.43. The S&P 500 index shed 8.53 points to 1,409.57. The Nasdaq Composite lost 18.52 points to 2,970.08.
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