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Wall Street opens red; as deadline for the `cliff` approaches

Publish Date28/12/2012 03:23:58 PM

Last Update28/12/2012 03:38:06 PM

Wall Street opens red; as deadline for the `cliff` approaches

U.S stocks opened Friday’s session in red, as the markets are predominated by uncertainty over the ‘fiscal cliff”, which will go into automatic activation if U.S lawmaker were unable to find an agreement before Tuesday January 1 2013.

President Barack Obama is to hold a meeting with Congressional leaders, House Speaker John Boehner, Senate Majority Leader Harry Reid and Nancy Polsey in order to avoid the fiscal cliff.

The Dollar Index, which tracks the performance of the U.S dollar against other majors, withheld narrow trading today, as of 03:11 GMT, the index stood at 79.64, reaching a high of 79.93, and a low of 79.59, after opening at 79.65.

On the other hand, gold prices dropped to $1656.53 per ounce, after opening at $1662.15, whereas crude oil prices also fell to $91.06 per barrel, after opening at $91.46 per barrel.

Correspondingly, U.S stock indices retreated, as the worst performers in the Dow Jones were Oil & Gas, Consumer Services, and Industrials respectively, while S&P 500’s drop was led by Oil & Gas, Financials, and Technology sectors respectively.

The Dow Jones Industrial Index fell by 101.66 points or 0.78% to 12994.65, S&P 500 lost 9.50 points or 0.67% to 1408.60, and the NASDAQ Composite dropped 17.78 points or 0.60% to 2968.13 points. (Data As of 10:14 New York Time)

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