{"id":37142,"date":"2012-11-07T13:30:00","date_gmt":"2012-11-07T13:30:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-slump-on-fiscal-cliff-worries\/37129\/"},"modified":"2012-11-07T13:30:00","modified_gmt":"2012-11-07T13:30:00","slug":"stocks-slump-on-fiscal-cliff-worries","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stocks-slump-on-fiscal-cliff-worries\/37142\/","title":{"rendered":"Stocks Slump on Fiscal Cliff Worries"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>U.S. stocks have been hammered in mid-day trading as growing fears over \u2018fiscal cliff\u2019 and deteriorating economic environment of <a href=\"http:\/\/www.knowfinance.com\/euro-zone\/\" target=\"_blank\" rel=\"noopener\">euro zone<\/a> economy along with resurface of debt crisis in Greece badly hurt the risk appetite.<\/p>\n<p><span id=\"more-37142\"><\/span><\/p>\n<p>Losses were seen across the board with both energy and financial stocks losing the most.<\/p>\n<p>At around 12 p.m. EST, the <a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average Index plunged 2.36%; the Nasdaq Composite Index lost \u00a0\u00a02.31 % while the <a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> Index slumped 2.26%.<\/p>\n<p>On Wednesday heavy equity\u00a0 sell-off was seen as\u00a0 investors fretted over the looming threat of \u00a0\u2018fiscal cliff\u2019, which is automatic spending cuts and increase in taxes estimated at $600 billion, if the Congress fails to build a consensus over shrinking the fiscal deficit by the year end. \u00a0\u00a0Earlier today credit rating agency Fitch asked President Obama to take urgent steps that could prevent the start of the \u2018fiscal cliff\u2019. The agency also warned that U.S. credit rating could face a possible downgrade in 2013 if urgent remedial actions were not taken by the congress with regard to fiscal deficit.<\/p>\n<p>Elsewhere in Europe, all leading benchmark indexes ended in red territory as market sentiment was weighed by possible threat of \u2018fiscal cliff\u2019 and worsening economic situation in the <a href=\"http:\/\/www.knowfinance.com\/euro-zone\/\" target=\"_blank\" rel=\"noopener\">euro zone<\/a>. Earlier today, the European Central Bank, President Mario Draghi said that economic activities in the euro zone was expected to remain weak and the impact of the slowdown was now hurting the German economy\u2014which is regarded as the growth engine of Europe.<\/p>\n<p>In Greece, the newly elected Parliament is expected to vote on new package of austerity measures. If the measures are disapproved by the majority of parliamentarians then the next round of bailout fund\/ financial aid installment worth $40.2 billion will be blocked.<\/p>\n<p>On earnings front, retail chain, Macy\u2019s (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=M\" target=\"_blank\" rel=\"noopener\">NYSE: M<\/a>) reported better than expected quarterly thanks to rising sales. The Company also upwardly revised its full-year outlook.<\/p>\n<p>After the closing bell ring, Qualcomm\u00a0(<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=QCOM\" target=\"_blank\" rel=\"noopener\">NASDAQ: QCOM<\/a>),\u00a0CBS\u00a0(<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CBS\" target=\"_blank\" rel=\"noopener\">NYSE: CBS<\/a>)\u00a0and\u00a0Activision Blizzard\u00a0(<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=ATVI\" target=\"_blank\" rel=\"noopener\">NASDAQ: ATVI<\/a>) are expected to report quarterly earnings.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20121112095758\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fstocks-slump-on-fiscal-cliff-worries%2F37142&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/zipcar-shares-rally-on-q3-results-zip\/37340\">\nZipcar Shares rally on Q3 Results (ZIP)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-posts-over-3-weekly-gains\/37329\">\nGold Prices Settle Higher, Posts Over 3% Weekly Gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-november-9-2\/37328\">\nMarket Update After Hours November 9<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-marginally-higher-6\/37309\">\nStocks End Marginally Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-silver-prices-also-gain-14\/37308\">\nGold Prices Settle Higher; Silver Prices also Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-holding-on-to-gains-in-late-trading-13\/37306\">\nStocks Holding on to Gains in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-in-green-in-mid-day-trading-17\/37303\">\nStocks in Green in Mid-Day Trading<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20121112095758im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks have been hammered in mid-day trading as growing fears over \u2018fiscal cliff\u2019 and deteriorating economic environment of euro 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