U.S. stocks on Thursday piled on losses for a second day, on worries about Europe's troubles and coming tax hikes and cuts, otherwise known as the fiscal cliff
"We got over the one great unknown, the election, to go to the next great unknown," said Paul Nolte, managing director at Dearborn Partners, of the deficit-reduction measures due to be implemented in January unless lawmakers reach an agreement
The Dow Jones Industrial Average fell 121.4 points, or 0.9%, to 12,811.3, its lowest level since late July
The S&P 500 index declined 17.02 points, or 1.2%, to 1,377.51, a low not seen since early August
The Nasdaq Composite lost 41.71 points, or 1.4%, to 2,895.58, its lowest close since late July
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