U.S. stocks posted their fifth straight losing day Friday. Stocks opened lower as investors worried over the approaching "fiscal cliff," with declines accelerating at the end of the day on reports that President Barack Obama wouldn't make a new budget proposal in a meeting with congressional leaders.
The Dow Jones industrial average fell 158.20, or 1.2 percent, to 12,928.11.
The Standard & Poor's 500 fell 15.67, or 1.1 percent, to 1,402.43.
The Nasdaq composite index fell 25.59, or 0.9 percent, to 2,960.31.
For the week:
The Dow is down 252.73, or 1.9 percent.
The S&P 500 is down 27.72, or 1.9 percent.
The Nasdaq is down 60.70, or 2 percent.
For the year:
The Dow is up 720.55, or 5.9 percent.
The S&P 500 is up 144.83, or 11.5 percent.
The Nasdaq is up 355.16, or 13.6 percent.