US stocks sink on 'fiscal cliff' concerns

US stocks sank Friday in the absence of a deal to avert the looming "fiscal cliff" crisis just days before a deadline.

The Dow Jones Industrial Average ended the session down 120.88 points (0.91 percent) at 13,190.84.

The broad-market S&P 500 fell 13.54 points (0.94 percent) to 1,430.15, while the tech-rich Nasdaq Composite dipped 29.38 points (0.96 percent) to 3,021.01.

Washington has until the end of the year to stop the United States from going over the so-called fiscal cliff, a mix of tax hikes and spending cuts that experts say could drag the world's biggest economy into recession if they go into effect on January 1.

A Republican plan to let tax breaks expire for US millionaires collapsed late Thursday when it failed to earn enough party support, leaving talks in limbo.

Republican leaders said they were not walking away from talks but a compromise remains elusive.

The cancellation of a vote on the Republican plan in the House of Representatives due to lagging support "provided the lion's share of the negative sentiment, even as (House) Speaker (John) Boehner left the door open for further negotiations with President Obama," said Charles Schwab analysts.

Concern about the "fiscal cliff" appeared to overshadow new, positive economic data, including an uptick in consumer spending, the key driver of the US economy.

Personal spending climbed 0.4 percent while personal income rose 0.6 percent, the Commerce Department said.

The latest data on new orders for manufactured durable goods, meanwhile, showed these indicators were up 0.7 percent.

Shares of BlackBerry maker Research In Motion took a beating on investor fears that its new smartphone platform will thin the ranks paying for its service. It sank 22.7 percent.

Other stocks in focus included media conglomerate News Corp., which said it had filed a document with US regulators detailing its split into two independent companies. It lost 1.9 percent.

Investors were also eyeing General Electric, down 0.8 percent, which announced it would buy the aviation activities of Italian engine maker Avio for $4.3 billion.

ConocoPhillips slipped 1.1 percent. Late Thursday, the Houston-based energy giant said it had agreed to sell its Nigerian operations to growing African group Oando for $1.79 billion.

Bond prices rose. The 10-year US Treasury yield fell to 1.75 percent from 1.80 percent late Thursday, while the 30-year dipped to 2.92 from 2.98. Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2567-0.0014-0.11%
    USDSGD=X
    1.7386-0.0015-0.09%
    EURSGD=X
    2.1127-0.0011-0.05%
    GBPSGD=X
    81.3190+0.0269+0.03%
    SGDJPY=X
    6.1695+0.0069+0.11%
    SGDHKD=X
    2.6018+0.0035+0.13%
    SGDMYR=X
    9,236.0830-19.9434-0.22%
    SGDIDR=X
    4.9768+0.0099+0.20%
    SGDCNY=X
    1.1657+0.0004+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.70+3.10+0.24%
    GCM14.CMX
    19.56-0.13-0.65%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.11-0.01-0.24%
    HGK14.CMX
    101.53-0.41-0.40%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.155+0.005+0.43%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.265+0.050+4.12%
    S53.SI
    1.335-0.020-1.48%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.020+10.53%
    F86.SI
    0.167+0.015+9.87%
    5HH.SI
    0.116+0.010+9.43%
    O2I.SI
    0.72+0.050+7.46%
    5DP.SI
    1.315+0.084+6.82%
    O9A.SI
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    % Losers
    NamePriceChange% Chg
    0.145-0.009-5.84%
    5GD.SI
    0.15-0.009-5.66%
    5EL.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.010-3.23%
    5IG.SI
    0.30-0.015-4.76%
    K29.SI