NEW YORK (MarketWatch)
U.S. stocks fell Friday, denting weekly gains, after a Republican proposal to avert the fiscal cliff did not find support, reducing hopes for a budget deal before 2012 closes
"It will lead to a recession if we go off the cliff," said Hugh Johnson, chairman of Hugh Johnson Advisors LLC.
"It's for real."
Gaining 0.4% on the week, the Dow Jones Industrial Average lost 120.88 points, or 0.9%, to 13,190.84
The S&P 500 index declined 13.54 points, or 0.9%, to 1,430.15, leaving it up 1.2% from the week-ago close
Rising 1.7% for the week, the Nasdaq Composite lost 29.38 points, or 1%, to 3,021
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WASHINGTON (MarketWatch) -- President Barack Obama on Friday pressed Congress for a scaled-back fiscal-cliff deal that would extend current tax rates for those making $250,000 or less. "We just have to do the right thing," Obama said on Friday. He asked for unemployment insurance to be extended. Obama spoke to reporters after talking with House Speaker John Boehner by phone and in person with Senate Majority Leader Harry Reid.
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