Stocks Headed for a Lower Finish on Cliff Worries

Stocks are off their session lows, however, all three major indexes are still firmly in red in late trading amid ongoing concerns over the fiscal cliff. Concerns over the fiscal cliff mounted after Senate Majority Leader Harry Reid said that a deficit reduction deal may not be reached before the year-end deadline.

At last check, the Dow Jones was trading 0.49% lower at 13,050.88, the S&P 500 was trading 0.65% lower at 1,410.63, and the Nasdaq was trading 0.67% lower at 2,970.07.

Technology sector is leading the losses in the S&P 500 in late trading today. At last check, the sector was trading 0.59% lower. Transportation sector has also fallen sharply in late trading today. At last check, the sector was down 0.56%. Utilities are currently trading 0.57% lower. Financials are down 0.54% in late trading. Consumer Cyclical sector has been the best performer in the S&P 500 today. At last check, the sector was trading 0.45% higher. Consumer Non-Cyclical sector is marginally higher in late trading.

Among the major losers in late trading today are Apple Inc. (NASDAQ: AAPL), which is currently trading 0.58% lower at $510, Questcor Pharmaceuticals Inc. (NASDAQ: QCOR), which is currently trading 7.29% lower at $27.72, JP Morgan Chase & Co. (NYSE: JPM), which is currently trading 1.46% lower at $43.32, and JC Penney Company Inc. (NYSE: JCP), which is currently trading 6.70% lower at $19.36.

Among the major gainers in late trading today are Toyota Motor Corporation (ADR) (NYSE: TM), which is currently trading 1.76% higher at $91.95, Deckers Outdoor Corp. (NASDAQ: DECK), which is currently trading 8.08% higher at $37.70, and Nu Skin Enterprises Inc. (NYSE: NUS), which is currently trading 7.68% higher at $35.75.

European markets ended mostly higher earlier today. Markets in Asia also finished mostly higher overnight.

edliston

edliston

Ed 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.