Stocks Sink Over Fiscal Cliff Concerns
Concerns that Congressional leaders will fail to avert the fiscal cliff sent the markets down to a lower close with the Dow tumbling 89 points to 12,878. Nasdaq lost 8 points to 2967.
On the upside
A Food and Drug Administration letter to Monster Beverage (NYSE: MNST) indicated that ingredients taurine and guarana have not been identified as dangerous to certain population groups.
OCZ Techology (Nasdaq: OCZ) launched its new SATA III-based Vector SSD Series for high performance computing environments.
Motorola and Google (Nasdaq: GOOG) settled a patent infringement lawsuit filed by Immersion (Nasdaq: IMMR) by signing a license agreement.
On the downside
Shares of Nokia (NYSE: NOK) fell over supply and waning demand concerns.
Investors locked in profits on Oclaro (Nasdaq: OCLR), whose stock price climbed yesterday on news that the company was selling two of its divisions for $27 million.
A compromise deal was reached to unfreeze bailout funds for Greece but shares of National Bank of Greece (NYSE: NBG) fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 807.
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