December 07, 2012 at 16:49 PM EST
Despite Fiscal Cliff, Stocks Seen Ending Year Higher
Investors turned defensive Friday, bidding up consumer staples stocks while shunning the high-growth tech sector following a surprisingly strong jobs report. Fears over the fiscal cliff don't appear to be hurting employment growth, but they're weighing on consumers -- the key drivers of economic growth. Thus the favor being shown consumer staples companies, which tend to have more reliable earnings in a sluggish economy. In afternoon trade,
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