Stocks Ended Lower on Cliff Fears

U.S. stocks slid on Friday after a Republican plan to avoid the ‘fiscal cliff’ failed to gain support on Thursday night, shrinking hopes that a deal would be reached before the new year. Gaining 0.4% on the week, the Dow Jones Industrial Average lost 120.88 points, or 0.91%, to 13,190.84. The S&P 500 index declined 13.54 points, or 0.94%, to 1,430.15, leaving it up 1.2% from the week-ago close. Rising 1.7% for the week, the Nasdaq Composite lost 29.38 points, or 0.96%, to 3,021.01.

With House Republicans’ revolt over their leader’s tax plan the evening before, President Obama on Friday faced the challenge of finding a new tax-and-spending solution — perhaps working now with Senate Republicans — to prevent a looming fiscal crisis in January.

Nokia Corp. and Canadian smartphone rival Research In Motion have agreed on a new patent licensing pact which will end all existing litigation between the two struggling companies, the Finnish firm said Friday.

In defending ‘Buy’ ratings for Herbalife (HLF), Wall Street analysts are getting personal with William Ackman, the head of Pershing Square Capital Management, who’s just unveiled a 334-page presentation on why he feels the supplements maker is a pyramid scheme worth $0.

Crude-oil prices fell Friday. Crude for February delivery (NMN:CLG3)  fell $1.47, or 1.6%, to settle at $88.66 a barrel on the New York Mercantile Exchange. Oil futures for the week, however, closed up 2.2%.






Leave a Reply