US stocks slip on fiscal cliff woes
equities sold off late in the session, led by a slide in Microsoft, although retailers were a notable bright spot after Home Depot, the world's largest home improvement chain, raised its outlook.
Stocks opened with a boost of upside energy, but when there was no follow-through by late morning, players just took some chips off the table to wait for tomorrow's retail sales figures and any developments in the fiscal cliff negotiations, said John Canavan, market analyst at Stone & McCarthy Research Associates in Princeton, New Jersey.
The market is grappling with how a divided U.S. Congress will deal with the series of mandated tax hikes and spending cuts that start to take effect next year and could take the world's largest economy back into recession. However, serious negotiations are still weeks away, analysts said.
The Dow Jones industrial average was down 58.90 points, or 0.46 percent, at 12,756.18. The Standard & Poor's 500 Index was down 5.50 points, or 0.40 percent, at 1,374.53. The Nasdaq Composite Index was down 20.37 points, or 0.70 percent, at 2,883.89.
The MSCI world equity index slipped 0.84 percent to 321.96.
The release of October U.S. retail sales on Wednesday is expected to offer key insights into how consumer spending is shaping up for the fourth quarter, said Deutsche Bank Securities chief U.S. economist Joseph LaVorgna.
Dow component Home Depot Inc raised its full-year outlook and cited an improving housing market as it reported quarterly results. Its stock rose 3.6 percent to finish at $63.38.
Microsoft shares fell 3.2 percent to
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