Stocks dip as ‘fiscal cliff’ deadline nears
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.
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