Stocks Sharply Lower in Late Trading

Stocks have extended their losses in late trading, with all three major indexes currently near session lows, as concerns over the fiscal cliff continue to weigh down sentiment.

At last check, the Dow Jones was trading 0.72% lower at 13,001.64, the S&P 500 was trading 0.63% lower at 1,409.11, and the Nasdaq was trading 0.41% lower at 2,973.70.

All sectors in the S&P 500 are currently in red. Energy sector is leading the losses in the S&P 500 in late trading. At last check, the sector was down 1.03%. Conglomerates are also down sharply in late trading. At last check, the sector was trading 0.81% lower. Healthcare sector is currently trading 0.62% lower. Basic Materials sector is down 0.58% in late trading.

Stocks have slipped ahead of a meeting between President Obama and congressional leaders at the White House today. With only three days before the year-end deadline, lawmakers are making a last-minute effort to reach a deficit reduction deal and avert the fiscal cliff.

Among the major losers in late trading today are Exxon Mobil Corporation (NYSE: XOM), which is currently trading 1.60% lower at $85.47, Apple Inc. (NASDAQ: AAPL), which is currently trading 0.73% lower at $511.30, Accretive Health Inc. (NYSE: AH), which is currently trading 5.13% lower at $11.10, and Advanced Micro Devices Inc. (NYSE: AMD), which is currently trading 3.56% lower at $2.31.

Among the major gainers in late trading are Stratasys Inc. (NASDAQ: SSYS), which is currently trading 5.05% higher at $78.99, Restoration Hardware Holdings Inc. (NYSE: RH), which is currently trading 4.12% higher at $34.11, and magicJack VocalTec Ltd. (NASDAQ: CALL), which is currently trading 9.10% higher at $17.76.

European markets ended mostly lower earlier today, with the EURO STOXX 50 Index closing 1.24% lower. Asian markets had ended mostly higher overnight.



Ed Liston is a senior contributing editor at 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.