Wall Street Extends Losses, Dow Slides 1 Percent

Stocks extended their losses on Friday, with the Dow falling 1 percent as President Barack Obama and top lawmakers met in a last-ditch attempt at a budget deal to prevent the United States from going over the “fiscal cliff.”

The Dow Jones industrial average .DJI tumbled 125.33 points, or 0.96 percent, to 12,970.98. The Standard & Poor’s 500 Index .SPX fell 11.66 points, or 0.82 percent, to 1,406.44. The Nasdaq Composite Index .IXIC lost 16.81 points, or 0.56 percent, to 2,969.09.

Ahram