SAN FRANCISCO (MarketWatch)
U.S. stocks closed lower Monday, with the Dow Jones Industrial Average ending a three-day winning streak, after an unexpected downturn in manufacturing data and continued political haggling over avoiding the fiscal cliff
The Dow industrials finished down 59.98 points, or 0.5%, at 12,965.60, while the S&P 500 Index declined 6.72 points, or 0.5%, to close at 1,409.46
The Nasdaq Composite Index shed 8.04 points, or 0.3%, to finish at 3,002.20
Earlier, the Institute for Supply Management reported that its U.S. manufacturing index contracted in November
Also, President Barack Obama took to Twitter to push an extension of Bush-era tax cuts for all but the country's top 2% earners, while House Republican leaders offered a counterproposal including $800 billion in revenue growth through tax reform to avoid the fiscal cliff
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The number of banks on the FDIC's "problem list" fell to 694 from 732 during the second quarter of 2012 and the assets of problem institutions declined to $262 billion from $282 billion
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