Reuters - Video

Edition: U.S. | U.K. | IN | CN

Top News

Santa slump for stocks

Monday, December 24, 2012 - 01:22

Dec. 24 - Summary of business headlines: Fiscal cliff worries sent U.S. stocks down and put a damper on holiday shopping. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

Wall Street didn't show much holiday spirit Monday as the major U.S. indexes slipped on fears concerning the fiscal cliff stalemate. The talks were off with the two key negotiators, U.S. President Barack Obama and House of Representatives Speaker John Boehner, out of Washington for the holidays. But some U.S. lawmakers expressed concerns on Sunday that the country would go over the cliff, and a number of Republicans said that that was Obama's goal. Going over the cliff would mean $600 billion in tax hikes and spending cuts that could tip the U.S. economy into recession next year. Congress and the President are expected to return to Washington on Thursday. They have until January 1st to work out a deal. The debate over the fiscal cliff put a damper on the consumers' confidence to open their wallets for last-minute shopping, and discounts were not as deep as last year. Trading volume in New York was muted, with U.S. equity markets closing at 1 p.m. ahead of the Christmas holiday on Tuesday. The Dow Jones industrial average closed lower, as did the S&P 500 and the Nasdaq. A number of European markets operated on a shortened session, with other markets closed entirely. Analysts said that given the volume, any news, or rumors from Washington could cause a spike in volatility later in the week.

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

Santa slump for stocks

Monday, December 24, 2012 - 01:22

Editors' Picks »

Most Popular »

Business »

Moving Pictures »

Images of December Images of December

Tue, 23 Dec, 2014 - (0:30)

Tsunami - unclaimed possessions Tsunami - unclaimed possessions

Tue, 23 Dec, 2014 - (2:23)

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

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)

Sports And Leisure »

Mourinho's "Let's go to Wembley" Mourinho's "Let's go to Wembley"

Wed, 28 Jan, 2015 - (1:16)

Diver Daley trains in Rio Diver Daley trains in Rio

Tue, 27 Jan, 2015 - (0:55)

Drogba on his Chelsea hopes Drogba on his Chelsea hopes

Mon, 26 Jan, 2015 - (0:52)

NBA legend shoots from the hip NBA legend shoots from the hip

Wed, 14 Jan, 2015 - (1:13)

Tennis ace Murray proposes to girlfriend Tennis ace Murray proposes to girlfriend

Thu, 27 Nov, 2014 - (0:41)

Sports Spread: Tinkering Liverpool target Chelsea Sports Spread: Tinkering Liverpool target...

Thu, 06 Nov, 2014 - (11:18)

Flying car prototype takes to the skies Flying car prototype takes to the skies

Wed, 29 Oct, 2014 - (2:18)

Dateline Asia »

Chinese firms on overseas shopping sprees Chinese firms on overseas shopping sprees

Thu, 29 Jan, 2015 - (2:28)

iPhone grabs top spot in China iPhone grabs top spot in China

Wed, 28 Jan, 2015 - (1:40)

Robot replacements for Foxconn's workers Robot replacements for Foxconn's workers

Wed, 28 Jan, 2015 - (1:12)

Alibaba could set sights on Yahoo Alibaba could set sights on Yahoo

Tue, 27 Jan, 2015 - (1:24)

Fashion designers finding haste makes waste Fashion designers finding haste makes waste

Tue, 27 Jan, 2015 - (2:07)

Be afraid, the Chinese are spending less Be afraid, the Chinese are spending less

Mon, 26 Jan, 2015 - (1:33)

Asia markets shrug at Greek elections Asia markets shrug at Greek elections

Mon, 26 Jan, 2015 - (1:36)

Asia markets toast ECB stimulus Asia markets toast ECB stimulus

Fri, 23 Jan, 2015 - (1:42)

Asia Week Ahead: Markets await Greece vote Asia Week Ahead: Markets await Greece vote

Fri, 23 Jan, 2015 - (1:18)

Netflix to push play in China Netflix to push play in China

Thu, 22 Jan, 2015 - (1:41)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

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 - (13:22)

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

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