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Stocks fall sharply amid 'cliff' concerns

6:24 AM, Nov 15, 2012   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) - Stocks finished Wednesday's trading session with a sharp decline, amid concerns about the "fiscal cliff."

The Dow Jones industrial average fell 185 points at 12,570. The S&P 500 index was down 19 at 1,355. The Nasdaq composite index declined 37 points at 2,847.

Investors didn't draw much hope from a news conference by President Barack Obama. He wants Congress to extend expiring tax cuts immediately for all but the highest income earners.

Taxes are set to go up for almost all Americans on Jan. 1, the same day sharp cuts to government spending begin to take effect. The combination could send the country back into recession.

Declining stocks outnumbered advancers by about 9-to-1. Volume was heavier than average, more than 4 billion shares.






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