Stocks lower as investors watch Washington

AP News
Posted: Dec 13, 2012 4:37 PM

NEW YORK (AP) — Stocks are closing lower on Wall Street after more signs of tension emerged from federal budget talks in Washington.

The Dow Jones industrial average fell 75 points to close at 13,171 Thursday.

The Standard & Poor's 500 index fell nine points to 1,420 and the Nasdaq composite fell 22 points to 2,992.

In Washington, House Speaker John Boehner said the White House was so resistant to cutting government spending that it risked pushing the country off the "fiscal cliff." That refers to large tax increases and spending cuts that take effect Jan. 1 unless Congress and the White House reach a budget deal.

Two stocks fell for every one that rose on the New York Stock Exchange. Volume was in line with the recent average at 3.3 billion shares.