Investors sent Washington a reminder Friday that Wall Street is a power player in talks to avoid the "fiscal cliff." Stocks fell sharply after House Republicans called off a vote on tax rates and left federal budget talks in disarray 10 days before sweeping tax increases and government spending cuts take effect. The Dow Jones industrial average was down as much as 189 points before recouping some of its losses.
The Dow Jones industrial average lost 120.88 points, or 0.9 percent, to close at 13,190.84.
The Standard & Poor's 500 index fell 13.54 points, or 0.9 percent, to 1,430.15.
The Nasdaq composite index fell 29.38, or 1 percent, to 3,021.01.
For the week:
The Dow is up 55.83, or 0.4 percent.
The S&P is up 16.57, or 1.2 percent.
The Nasdaq is up 49.68, or 1.7 percent.
For the year:
The Dow is up 973.28, or 8 percent.
The S&P is up 172.55, or 13.7 percent.
The Nasdaq is up 415.86, or 16 percent.