In this Friday, Dec. 14, 2012, photo, trader Robert Vella, right, works on the floor of the New York Stock Exchange. Stocks edged higher on Wall Street amid optimism that the lawmakers in Washington are closing in on a budget deal that will stop the U.S. going over the “fiscal cliff.” (AP Photo/Richard Drew)
Stocks edge lower on Wall Street as cuts loom
Published: 04:55:06 PM, Fri 01 March 2013 UTC
NEW YORK (AP) — Stocks are edging lower in midday trading as a deadline for avoiding government spending cuts looms with no solution in sight.
The Dow Jones industrial average was down 23 points at 14,032 as of midday Friday. The Dow and other indexes started lower and were wavering between small gains and losses in later morning trading.
The Standard & Poor's 500 index fell three points to 1,511. The Nasdaq composite fell eight points to 3,152.
Energy stocks led the market lower as the price of crude oil fell to its lowest level of the year. Exxon Mobil and Chevron were among the biggest losers in the Dow.
President Barack Obama has summoned congressional leaders to the White House Friday for a meeting, but there are no expectations of a breakthrough.
Tags:
ap, bill clinton, chevron, democratic party, exxon mobil, dow, points, losses, jones industrial average, government spending cuts, president of the united states, indexes, illinois, united states presidential election, 2008, nasdaq composite, poor, standard, friday, expectations, wall street, dow jones industrial average, midday trading, president barack obama, business, lowest level, white house, barack obama, stocks, crude oil, index, new york, deadline, camp david, solution, energy stocks, breakthrough, sight, biggest losers, small gains, congressional leaders, later morning trading
