Stocks open lower ahead of Obama, congressional leaders meeting
Stocks continued their weeklong slide in early trading as congressional leaders were to arrive at the White House to begin talks with President Obama over the looming “fiscal cliff.â€
The Dow Jones industrial average lost 51 points, or 0.4%, to 12,491 shortly after the opening bell.
The benchmark Standard & Poor’s 500 index lost 8 points, or 0.6%, to 1,346.
The Nasdaq, which has entered into a correction after declining more than 11% from its mid-September high, lost 14 points, or 0.5%, to 2,822.
Economists have warned the fiscal cliff’s automatic spending cuts and tax increases due at year’s end could push the fragile U.S. economy back into recession.
ALSO:
FHA projected to exhaust reserves, could need bailout
Hostess, maker of Twinkies, to go out of business; strike cited
Survey finds small banks, credit unions lead way in free checking
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
