Stocks Finish Lower on Fiscal Cliff Concerns

U.S. stocks drifted lower by the close on Tuesday as fiscal cliff concerns outweighed strength in the consumer discretionary sector. The Dow Jones Industrial Average fell 58.90 points, or 0.46%, to 12,756.18, and the S&P 500 Index declined 5.50 points, or 0.40%, to close at 1,374.53. The Nasdaq Composite Index fell 20.37 points, or 0.70%, to finish at 2,883.89.

Advanced Micro Devices (AMD) has hired JPMorgan Chase & Co to explore options, which could include a potential sale, as the chipmaker struggles to find a role in an industry increasingly focused on mobile and away from traditional PCs, according to three sources familiar with the situation.

Cisco Systems Inc. reported an 18% gain in earnings for its first fiscal quarter Tuesday afternoon, modestly beating Wall Street’s estimates for the period. For the quarter ended Oct. 27, Cisco (NASDAQ:CSCO) reported net income of $2.1 billion, or 39 cents a share, compared with net income of $1.8 million or 33 cents a share for the same period last year. Revenue rose 6% to $11.9 billion.

Zynga Inc. (NASDAQ:ZNGA) announced an executive shakeup after the close of trading Tuesday that includes the departure of Chief Financial Officer David Wehner.