Stocks fall as retailers take post-h
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Stocks fall as retailers take post-holiday hit
Stocks fall as retailers take post-holiday hit
NEW YORK (MarketWatch) — U.S. stocks on Wednesday extended losses into a third session as retailers were hit after the holiday and as investors looked to the next day’s resumption of budget talks.
President Barack Obama and Congress are expected back in Washington on Thursday.
“If nothing gets decided by next Monday, the economy will not immediately plunge over the fiscal cliff as employers have not changed payroll-tax withholding rates for January payrolls and federal budget cuts would slowly phase in,” Fred Dickson, chief investment strategist at Davidson Cos., wrote in an emailed note.That said, the stock market will likely “sell off 3% to 5% from the present level in the event that even a small temporary ‘fiscal-cliff’ bridge deal is not done by early January,” Dickson added.
The Dow Jones Industrial Average (DJI
JIA) shed 24.49 points, or 0.2%, to 13,114.59.
The S&P 500 index (SNC:SPX) lost 6.83 points, or 0.5%, to 1,419.83, with consumer shares the poorest performers and materials the sole sector to gain.
The Nasdaq Composite index (NASDAQ:COMP) retreated 22.44 points, or 0.7%, to 2,990.16.
For every stock that rose nearly two fell on the on New York Stock Exchange, where nearly 476 million shares traded and composite volume approached 2.3 billion. http://www.marketwatch.com/story/us-stocks-ri...6-91035225
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