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
    1.3431-0.0014-0.11%
    USDSGD=X
    1.4519-0.0021-0.14%
    EURSGD=X
    2.0106-0.0013-0.07%
    GBPSGD=X
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    SGDJPY=X
    5.7709+0.0061+0.11%
    SGDHKD=X
    2.7024+0.0007+0.03%
    SGDMYR=X
    9,528.6924-16.874-0.18%
    SGDIDR=X
    4.6123+0.004+0.09%
    SGDCNY=X
    1.0496+0.0003+0.03%
    AUDSGD=X
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    GCQ15.CMX
    16.23-0.06-0.36%
    SIK15.CMX
    70.95+0.05+0.07%
    ^XAU
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    HGK15.CMX
    57.32-0.38-0.65%
    CLM15.NYM
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