US stocks end Wednesday's session in red; fiscal cliff concerns weight

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks finished sharply lower on Wednesday amid mounting uncertainty over the US budget deal. House Speaker John Boehner stated that Republicans will insist on their version of 2013 budget while President Barack Obama said he would not support Republicans' budget proposal. The S&P 500 Index shed 0.76% to close at 1,435.81. All sectors within the index posted losses. The worst performers were telecommunications and health care firms. Frontier Communications and CenturyLink dropped 3.24% and 1.00%, while Intuitive Surgical and Cardinal Health slumped 5.69% and 1.50%. On the downside were also technology shares, with Apple closing 1.42% lower amid worries over demand for its iPhone 5. However, losses of technology sector were partly offset due to a rally of Oracle. Oracle climbed 3.68% after posting better-than-expected profits for the second fiscal quarter. Meanwhile, Accenture sank 1.01% after reporting flat consulting revenue for the first fiscal quarter.

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