US stocks drop amid fiscal cliff fears

US stocks opened lower Wednesday, amid concerns that politicians will not act to avoid looming tax hikes and spending cuts expected to jolt the economy into recession.

In the first five minutes of trade, the Dow Jones Industrial Average was down 56.48 points (0.44 percent) at 12,821.65.

The S&P 500-stock index dropped 7.87 (0.56 percent) to 1,391.07, while the Nasdaq Composite shed 15.55 (0.52 percent) at 2,952.24.

"Following the solid losses yesterday amid an afternoon flare-up in uncertainty regarding a meaningful resolution of the US fiscal cliff, losses for the equity markets are continuing... ahead of a key housing report and the Federal Reserve's Beige Book," Charles Schwab & Co. analysts said.

On Tuesday, the Dow and the S&P 500 fell for the second day in a row, with the S&P broad-market index down 0.5 percent.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526-0.0002-0.02%
    USDSGD=X
    1.7305-0.0001-0.01%
    EURSGD=X
    2.1030-0.0011-0.05%
    GBPSGD=X
    81.7693+0.0366+0.04%
    SGDJPY=X
    6.1905+0.0011+0.02%
    SGDHKD=X
    2.5850+0.0005+0.02%
    SGDMYR=X
    9,116.9658-34.2529-0.37%
    SGDIDR=X
    4.9692+0.0051+0.10%
    SGDCNY=X
    1.1691+0.0006+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.67+0.01+0.05%
    SIN14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI