Dow falls on fiscal cliff concerns

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Source: Dukascopy Bank SA
© scanpix/AP
U.S. blue chips fell on Tuesday as concerns about fiscal cliff continue to pressure stock markets. The president Barack Obama rejected the possibility of lowering the tax rates in 2013 and stayed in strong position to increase the tax rate for high-income earners. He also said that 98% of taxpayers could continue to pay lower taxes, whereas taxes on the wealthiest 2% should be increased to close the gap between the two layers. The Dow Jones industrial average eased 0.11% to 12,951.78.  Only four sectors out of nine inched higher with Technology sector improving 0.39%, Basic Materials adding 0.20% and Consumer Services soaring 0.07%. Telecommunications sector suffered the most by falling 0.83%, followed by Oil and Gas sector that lost 0.58%. Hewlett-Packard was the best performing company with its shares jumping 5.13%, while Intel Corp and Bank of America gained 2.3% and 1.12%, respectively. The world's largest semiconductor maker Intel advanced to $ 19.97, as it might issue five-year securities that would yield 80 basis points more than Treasuries of a similar maturity. Meanwhile, Home Depot, Verizon Communications and Chevron Corporation performed the worst by declining 1.12%, 0.98% and 0.66%, subsequently.
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