'Fiscal cliff' rally fizzles, stocks slump
Speaker of the House John Boehner explains a Republican Plan B created, he said, to solve the country's budget crisis. With him at announcement late Tuesday are, from left, House Majority Whip Kevin McCarthy and House Majority Leader Eric Cantor. Gains in U.S. markets flattened Wednesday as investors puzzled over Plan B. (Dec. 18, 2012) Credit: Getty Images
Stocks dipped Wednesday, recording their first loss of the week. President Barack Obama and Republicans in Congress sniped at each other, and a deadline to avoid sweeping tax increases and government spending cuts drew closer.
The Dow Jones industrial average closed down 98.99 points, or 0.7 percent, at 13,251.97. The Standard & Poor's 500 index dropped 10.98 points, or 0.8 percent, to 1,435.81. The Nasdaq composite index fell 10.17, or 0.3 percent, to 3,044.36.
But the president also said that congressional Republicans keep finding "ways to say no as opposed to finding ways to say yes." He said the nation deserves compromise in the aftermath of the Connecticut school shooting.
Newsday investigation: Sex buyers go free ... Saving oysters in Great South Bay ... America 250: Nathan Hale ... Get the latest news and more great videos at NewsdayTV
Newsday investigation: Sex buyers go free ... Saving oysters in Great South Bay ... America 250: Nathan Hale ... Get the latest news and more great videos at NewsdayTV
