Stocks down sharply at midday

AP News
Posted: Dec 21, 2012 11:41 AM

NEW YORK (AP) — Stocks are off sharply at midday. Investors are worried about turmoil in the negotiations to avoid a "fiscal cliff" of tax increases and government spending cuts.

Just before noon, the Dow Jones industrial average is down 184 points at 13,128. The Standard & Poor's 500 index is down 20 at 1,423. And the Nasdaq composite index is off 45 at 3,004.

House Republicans canceled a vote Thursday night on a plan that would have raised taxes on Americans making more than $1 million and locked in decade-old tax cuts for everyone else.