US stocks slide on cliff, Apple woes

US stocks slid lower Friday amid worries about Washington's budget impasse, with a sharp drop in Apple weighing on the Nasdaq.

The Dow Jones Industrial Average was down 34.25 points (0.26 percent) at 13,136.47 in closing trade.

The broad-market S&P 500 fell 5.71 points (0.40 percent) to 1,413.74, while the tech-rich Nasdaq Composite shed 20.83 points (0.70 percent) to 2,971.33.

Investors continued to be concerned about sharp tax hikes and spending cuts set to take effect in January if Washington fails to reach a deal to avert the so-called fiscal cliff, which economists say would drag the United States into recession.

"The closer we get to the December 31 deadline without a deal, however, the more insecure the market will become," said Briefing.com's Patrick O'Hare.

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