Concerns over "fiscal cliff" cap gains in the Dow Jones industrial Average

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Source: Dukascopy Bank SA
© scanpix/reuters
The U.S. Blue chips  inched lower as the Fed's plan to buy $45 billion a month of Treasury securities needs to be supported by a budget deal to halt the "fiscal cliff". The president aims to reach a deal with Republicans , by lowering  his tax increases' demand from $ 1.6 trillion on Tuesday to $1.4 trillion yesterday. However, the Republican and Democrats  have not agreed on whether to include a rise in the debt limit and other programs to support to stimulate the economy.

The Dow Jones industrial Average fell 0.02%, or 2.99 points,  to 13,245.45. Four out of nine sectors shrank with Consumer services and Technology slipping the most by 0.75% and 0.39%, respectively. Walt-Mart Stores extended their losses and dropped 2.75% still trying to fight back the allegations from Indian government regarding its lobbying practices. Meanwhile, Basic Materials and Industrials Telecommunications sectors gained the most, as Basic Materials and Telecommunications edged 1.11% and 0.88% higher.The Chemical maker El DuPont Co. rallied 1.4% to $44.30, after it announced a share buyback and pledged the earnings will be at the high-end of the company's forecasts. 


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