Reuters - Video

EDITION: U.S. | U.K. | IN

Top News

Fiscal cliff looms, stocks slide

Friday, December 21, 2012 - 02:06

Dec. 21 - Summary of business headlines: Investors nervous over fiscal cliff breakdown, Durable orders and consumer spending rise; NRA wants armed police in schools, but gun stocks still. Carmen Roberts reports.

▲ Hide Transcript

View Transcript

No deal on Capitol Hill. More selling on Wall Street. The breakdown in talks to avoid the fiscal cliff by the December 31 deadline is affecting investor psychology in a big way; that according to Peter Kenny, Managing Director of Institutional Sales at Knight Capital Group. SOUNDBITE: PETER KENNEY, MANAGING DIRECTOR OF INSTITUTIONAL SALES, KNIGHT CAPITAL GROUP (ENGLISH) SAYING: "This is really dysfunction in the extreme, and of course world markets responded accordingly." Wall Street put the lid on the session with a nearly one-percent loss for the day on the three major indexes. For the week: the Dow gained 0.4 percent, the Nasdaq rose 1.7 percent. Stocks will likely remain volatile over the next several days as the deadline to fix the cliff approaches. Still, the declines on Friday could have been much worse. That suggests investors believe the U.S. economy will survive even without a December deal. Underscoring that belief: orders for large ticket items rose last month and consumer spending jumped the most in three years. But consumer confidence fell more than expected in December. Meantime, the National Rifle Association called on Congress to take immediate action on another serious matter. For the first time since the Connecticut school shootings last week, the NRA spoke out about the tragedy. Vice President Wayne LaPierre blamed violent video games, the news media and ineffective police action for the shootings not guns. SOUNDBITE: WAYNE LAPIERRE, VICE PRESIDENT, NATIONAL RIFLE ASSOCIATION (ENGLISH) SAYING: "I call on Congress today to act immediately to appropriate whatever is necessary to put armed police officers in every single school in this nation, and to do it now to make sure blanket safety is in place when our kids return to school in January." Shares of two large gunmakers fell Friday. Smith and Wesson lost about two-percent; Strum Ruger down slightly. Wrapping up with Europe, stocks fell on concerns about the U.S. fiscal cliff.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Fiscal cliff looms, stocks slide

Friday, December 21, 2012 - 02:06

Top News »

Editors' Picks »

Business »

Moving Pictures »

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Burned memories Burned memories

Fri, 08 Aug, 2014 - (3:02)

Oddly Enough »

Snow leopard arrives at Mexico zoo Snow leopard arrives at Mexico zoo

Tue, 28 Oct, 2014 - (0:59)

Horse rescued from swimming pool Horse rescued from swimming pool

Tue, 28 Oct, 2014 - (0:30)

Surfing in a different sort of costume Surfing in a different sort of costume

Mon, 27 Oct, 2014 - (1:10)

Skateboards get rock star makeovers Skateboards get rock star makeovers

Thu, 23 Oct, 2014 - (1:28)

Giant rubber duck on show in Shanghai Giant rubber duck on show in Shanghai

Thu, 23 Oct, 2014 - (1:06)

Black bear cub goes Sunday shopping Black bear cub goes Sunday shopping

Thu, 23 Oct, 2014 - (0:27)

Christie's opens new Shanghai office Christie's opens new Shanghai office

Wed, 22 Oct, 2014 - (1:13)

White lion cubs unveiled to the public White lion cubs unveiled to the public

Tue, 21 Oct, 2014 - (1:01)

Ebola Halloween getup stirs controversy Ebola Halloween getup stirs controversy

Tue, 21 Oct, 2014 - (1:14)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)