US stocks push lower in slow march to fiscal cliff

US stocks remained locked in a six-week slide Friday under clouds from the global and domestic economy and worries that more political infighting will send the country over the fiscal cliff.

A slight rebound on Friday left a positive note on another downbeat week, with caution the byword ahead of the likely thinly-traded Thanksgiving holiday period ahead, analysts said.

Tech stocks were particularly hit by heavyweight Apple's continuing fall, with the iPhone and iPad maker losing 3.5 percent and the tech sector generally off 2.3 percent since the previous Friday.

For the week, the S&P lost 1.45 percent to 1,359.88, leaving it still more than eight percent higher for the year.

The narrower Dow Jones Industrial Average fell 1.77 percent to 12,588.31, up three percent since January 1.

The Nasdaq Composite gave up 1.78 percent to 2,853.13.

Disappointing earnings and forecasts from giants like Dell and Walmart underscored the gloomy impression left by the third quarter earnings season.

But the broader mood was set by the post-election showdown between Democrats and Republicans over how the beat the fiscal cliff tax hikes and spending cuts slated to hit the economy at year end, very possibly sending it back into recession.

Stocks turned up slightly on Friday as the White House opened talks with congressional leaders on the cliff and the deficit, and politicians on both sides professed a sense of urgency and readiness to compromise.

"There is no more, let's do it some other time," said Senate Democratic leader Harry Reid. "This isn't something we're going to wait until the last day of December to get it done."

"Markets, which have fallen very quickly, want to believe in an agreement" on the cliff, said Gregori Volokhine of Meeschaert New York, explaining the 0.48 percent rise in the S&P 500 Friday.

The Thanksgiving holiday breaks up trade next week, and analysts said movements are likely to be determined by the news.

"We have a very light schedule next week with Thanksgiving on Thursday," said Jack Ablin, of Harris Private Bank.

"We get some housing data early on, so I'm hopeful we'll see a window on the progress we are making on housing.

"But in general, I still believe that the market will pivot off headlines."

Economists Nigel Gault and Paul Edelstein at IHS Global Insight said most of the focus will be on the fiscal cliff and deficit reduction talks.

"Unless a deal is struck next week, which seems unlikely, it should be another down week for global equities and another strong weak for the US dollar and Treasuries.

"The only consolation is that trading volumes may be thin heading into the Thursday holiday."

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...

Explore Related Contents

  • Asia stocks ease, dollar steadies after Fed-led losses
    Asia stocks ease, dollar steadies after Fed-led losses Reuters - 2 hours 6 minutes ago

    By Nichola Saminather SINGAPORE (Reuters) - Asian stocks pulled back from a 19-month high on Thursday, while the dollar tried to steady from losses suffered in the wake of the U.S. Federal Reserve minutes ... … More »

  • Solar Capital meets 4Q profit forecasts Associated Press - 2 hours 21 minutes ago

    On a per-share basis, the New York-based company said it had profit of 42 cents. The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was ... … More »

  • SP Plus posts 4Q profit Associated Press - 2 hours 21 minutes ago

    The Chicago-based company said it had profit of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to 52 cents per share. The parking facility management company posted revenue of ... … More »

  • U.S. oil rises after report shows drop in stockpiles
    U.S. oil rises after report shows drop in stockpiles Reuters - 2 hours 23 minutes ago

    TOKYO (Reuters) - U.S. oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a surprise decline in U.S. crude stocks as imports fell, lending support to the view ... … More »

  • CoreLogic beats Street 4Q forecasts Associated Press - 2 hours 25 minutes ago

    On a per-share basis, the Irvine, California-based company said it had profit of 4 cents. Earnings, adjusted for one-time gains and costs, were 56 cents per share. The results exceeded Wall Street expectations. ... … More »

  • Tesla swings to loss in 4Q, says Model 3 on target
    Tesla swings to loss in 4Q, says Model 3 on target Associated Press - 2 hours 30 minutes ago

    Unable to string together profitable quarters, electric car and solar cell maker Tesla Inc. reported a loss for the last three months of 2016. Tesla posted its first profit in three years in last year's ... … More »

  • UK car production reaches nine-year high in January Reuters - 2 hours 30 minutes ago

    British car production rose by an annual 7.5 percent in January to hit its highest since 2008, as strong demand for exports compensated for a decline in demand at home, an industry body said on Thursday. Vauxhall's Ellesmere Port plant in northern … More »

  • Tokyo stocks open lower AFP - 2 hours 37 minutes ago

    Tokyo stocks opened lower Thursday as the yen strengthened against the dollar and investors contemplated the minutes from the US Federal Reserve's latest meeting. The benchmark Nikkei 225 index slipped ... … More »

  • Alleghany posts 4Q profit Associated Press - 2 hours 39 minutes ago

    The New York-based company said it had profit of $4.50 per share. Earnings, adjusted for non-recurring costs, came to $7.02 per share. The property and casualty insurance provider posted revenue of $1.46 ... … More »

  • Top banks' commodities revenue drops 7 percent in 2016 - survey
    Top banks' commodities revenue drops 7 percent in 2016 - survey Reuters - 2 hours 43 minutes ago

    LONDON (Reuters) - Commodities-related revenue at the 12 biggest investment banks fell by 7 percent last year, mainly due to weakness in the oil sector, a report by financial industry analytics firm Coalition ... … More »

  • Lower fares hit Qantas first half profit
    Lower fares hit Qantas first half profit AFP News - 2 hours 48 minutes ago

    Australian carrier Qantas Airways posted Thursday a 7.5 percent hit to first half earnings, impacted by lower fares, greater competition and empty seats. Underlying profit before tax fell to Aus$852 million (US$656 million) for the six months … More »

  • Fitbit reports 4Q loss Associated Press - 2 hours 49 minutes ago

    On a per-share basis, the San Francisco-based company said it had a loss of 65 cents. Losses, adjusted for one-time gains and costs, came to 56 cents per share. The results did not meet Wall Street expectations. ... … More »

  • Lower fares hit Qantas first half profit AFP - 2 hours 50 minutes ago

    Australian carrier Qantas Airways posted Thursday a 7.5 percent hit to first half earnings, impacted by lower fares, greater competition and empty seats. Underlying profit before tax fell to Aus$852 million ... … More »

  • Air NZ flies into turbulence as competition heats up
    Air NZ flies into turbulence as competition heats up AFP News - 2 hours 52 minutes ago

    Air New Zealand reported a 24 percent fall in interim net profit Thursday amid increased competition in the domestic aviation market. New Zealand's flag carrier said net profit for the six months to December 31 was NZ$256 million (US$184 million), … More »

  • 3 Reasons Why You Should Consider Buying Gold Now
    3 Reasons Why You Should Consider Buying Gold Now ValuePenguin - 2 hours 55 minutes ago

    This is because gold is perceived as an "alternate" currency whose value does not depreciate along with your ordinary paper money. While commodities as a whole have faced a bear market in recent years — the Bloomberg Commodity Index, which tracks … More »

  • The good times are back for copper. Here’s why
    The good times are back for copper. Here’s why Truewealth Publishing - 2 hours 55 minutes ago

    Not long ago, Dr. Copper was sick. Today the doctor is looking a lot healthier. It’s been a rough few years for copper. Since hitting all-time highs of US$10,250/metric tonne in February 2011, it has suffered nearly 6 years of tumbling prices. As … More »

  • OPEC Still Waiting for Evidence Oil Cuts Are Doing Their Job Bloomberg - 2 hours 55 minutes ago

    A reduction in the amount of oil held in storage around the world is the most important factor for the Organization of Petroleum Exporting Countries, Qatar’s Energy Minister Mohammed Al Sada said at the IP Week conference in London Wednesday. The … More »

  • Nissan appoints Hiroto Saikawa as CEO Reuters - 2 hours 59 minutes ago

    (Reuters) - Nissan Motor Co Ltd said on Wednesday it has appointed the company's co-chief executive officer, Hiroto Saikawa, as Nissan's chief executive, effective April 1. Carlos Ghosn, chairman of the ... … More »

  • Tesla Stays Steady With Model 3 as Musk Loses Latest Executive Bloomberg - 3 hours ago

    The Model 3 sedan, Tesla’s cheapest plug-in vehicle yet, remains on track to arrive in July, and production of the car should reach about 5,000 units by the end of the year, according to a letter to shareholders Wednesday related to the company’s … More »

  • Tredegar posts 4Q profit Associated Press - 3 hours ago

    On a per-share basis, the Richmond, Virginia-based company said it had net income of 5 cents. Earnings, adjusted for non-recurring costs, were 10 cents per share. The plastic films maker posted revenue ... … More »

  • Ansys beats Street 4Q forecasts Associated Press - 3 hours ago

    The Canonsburg, Pennsylvania-based company said it had profit of 80 cents per share. Earnings, adjusted for one-time gains and costs, came to 98 cents per share. The results topped Wall Street expectations. ... … More »

  • Cenveo reports 4Q loss Associated Press - 3 hours ago

    The Stamford, Connecticut-based company said it had a loss of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 3 cents per share. The printing and packaging company posted revenue ... … More »

  • Global stocks fade from record highs, dollar falls on Fed minutes
    Global stocks fade from record highs, dollar falls on Fed minutes Reuters - 3 hours ago

    By Richard Leong NEW YORK (Reuters) - Global stocks pulled back from record highs on Wednesday while the dollar declined after minutes from the U.S. Federal Reserve offered little to support the notion ... … More »

  • Tesla has finished its investigation into Fremont plant working conditions and will release findings soon
    Tesla has finished its investigation into Fremont plant working conditions and will release findings soon Business Insider - 3 hours ago

    Scott Olson/Getty Images Elon Musk. Tesla CEO Elon … Continued The post Tesla has finished its investigation into Fremont plant working conditions and will release findings soon appeared first on Business Insider. … More »

  • Activist Glaucus Travels 10,000 Miles to Find Next Big Short (1)
    Activist Glaucus Travels 10,000 Miles to Find Next Big Short (1) Bloomberg - 3 hours ago

    The co-founder of Glaucus Research Group flew more than 10,000 miles (16,090 kilometers) from his base in Austin, Texas, to Australia, where he’s looking at companies including commodity producers. From his new firm in London, former Goldman Sachs … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.265+0.010+3.92%
    N21.SI
    1.02+0.04+4.08%
    G13.SI
    1.73+0.20+12.70%
    S51.SI
    0.20-0.02-9.09%
    SK3.SI
    0.375+0.015+4.17%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.35+0.07+27.27%
    BQF.SI
    0.13+0.02+17.12%
    UV1.SI
    0.53+0.07+15.22%
    BLR.SI
    0.168+0.020+13.51%
    5PD.SI
    1.73+0.20+12.70%
    S51.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.13-0.05-27.37%
    AZR.SI
    0.40-0.08-16.67%
    BLA.SI
    0.094-0.014-12.96%
    5DL.SI
    0.179-0.020-10.05%
    BDN.SI
    0.20-0.02-9.09%
    SK3.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4153+0.0021+0.15%
    USDSGD=X
    1.4937+0.0022+0.15%
    EURSGD=X
    1.7612+0.0012+0.07%
    GBPSGD=X
    79.9840-0.186-0.23%
    SGDJPY=X
    5.4803-0.0098-0.18%
    SGDHKD=X
    3.1425-0.0083-0.26%
    SGDMYR=X
    9,472.0908-16.7539-0.18%
    SGDIDR=X
    4.8590-0.0066-0.14%
    SGDCNY=X
    1.0870-0.0008-0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,237.90+4.60+0.37%
    GCJ17.CMX
    17.99+0.03+0.19%
    SIH17.CMX
    89.91-1.82-1.99%
    ^XAU
    2.72-0.01-0.53%
    HGH17.CMX
    54.05+0.46+0.86%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.910.00
    ^FVX
    2.42-0.01
    ^TNX
    3.040.00
    ^TYX