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Wall Street closed deeply in red, after Friday`s budget talks failed

Publish Date28/12/2012 10:57:46 PM

Last Update28/12/2012 11:02:25 PM

Wall Street closed deeply in red, after Friday`s budget talks failed

Wall Street ended the session in red after President Barack Obama dismissed Congressional leaders and ended the meeting with no progress, which moved the World`s largest economy a step closer to the fiscal cliff, which will drag the economy back into recession.

All hopes that Obama and Congressional Leaders will reach an agreement over the budget vanished today, after they ended the highly anticipated meeting with no agreement. However Obama will make a statement at the White House at 5:45 pm ET, as investors will seek clues over a deal for the fiscal cliff.

The Dow Jones Industrial Average declined 1.21% to end the session at 12938.11 points, after reaching a low of 12926.86, where it recorded a high of 13095.46 points.

The S&P 500 dropped 1.10% or 15.67 points, ending the session at 1402.34, achieving a low of 1401.58 and a high of 1418.10.

The Nasdaq Composite declined 25.59 points or 0.86% to close the session at 2960.31, where it recorded a low of 2959.67, and a high of 2985.47, where 1408 shares declined, and 803 shares rallied, while 235 shares remained neutral.

The Dollar Index, which tracks the performance of the U.S dollar against other majors, rose to trade at 79.68, 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 trade at $1657.20 per ounce, compared to the opening of $1662.15, while Crude Oil declined to trade at $90.75, after opening at $91.64 per barrel.

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