US stocks sink as 'cliff' battle looms

US stocks tumbled Wednesday as President Barack Obama challenged Republicans to accept tax increases for the wealthy in a deal to avert the year-end fiscal cliff.

After opening higher helped by Cisco Systems's strong earnings, share prices slid and then turned more sharply downward after Obama laid out his terms for a deal in his first post-re-election news conference.

At the close the Dow Jones Industrial Average was down 184.92 points (1.45 percent) at 12,571.26.

The broad-market S&P 500 lost 19.03 (1.38 percent) at 1,355.50, while the tech-rich Nasdaq Composite gave up 37.08 (1.29 percent) at 2,846.81.

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    • Currencies
      Currencies
      NamePriceChange% Chg
      1.3598+0.0002+0.02%
      USDSGD=X
      1.5247-0.0002-0.01%
      EURSGD=X
      1.7682-0.002-0.11%
      GBPSGD=X
      73.8910+0.035+0.05%
      SGDJPY=X
      5.7017-0.0006-0.01%
      SGDHKD=X
      3.0391+0.00010.00%
      SGDMYR=X
      9,528.8027+0.34960.00%
      SGDIDR=X
      4.9048-0.0007-0.01%
      SGDCNY=X
      1.0424+0.0002+0.02%
      AUDSGD=X
    • Commodities
      Commodities
      NamePriceChange% Chg
      1,330.00-0.40-0.03%
      GCZ16.CMX
      19.22+0.05+0.26%
      SIZ16.CMX
      92.98-1.47-1.55%
      ^XAU
      2.170.00+0.05%
      HGZ16.CMX
      43.85+0.41+0.94%
      CLV16.NYM
    • Bonds
      Bonds
      TreasuryYield (%)Yield Change
      1.11-0.02
      ^FVX
      1.56-0.03
      ^TNX
      2.28-0.05
      ^TYX