Dampened by a report showing contraction in manufacturing, stocks closed lower Monday. The Dow Jones industrial average lost 60 points, a half percent, to close at 12,966.
The Standard & Poor’s 500 fell seven points, also a half-percent, to close at 1,409.
The Nasdaq composite dropped eight points, three-tenths percent, to 3,002.
Fiscal Cliff Could Hurt Auto Sales
Superstorm Sandy gave an added push to already strong U.S. auto sales last month, but carmakers say the “fiscal cliff” phenomenon could hurt sales.
Most major companies, from Toyota to Chrysler, posted impressive increases from a year earlier. Only General Motors was left struggling to explain its three percent sales gain and large inventory of unsold trucks.
U.S. Opposes Internet Oversight at Conference
The U.S. is leading an effort at the International Internet Conference to reject proposed oversight revisions. The concern is new rules could complicate commerce, and be used by some nations to justify further cyber-crackdowns.
Qualcomm Invests in Sharp, LCD Screens
Sharp Corp. says Qualcomm Inc. will become a shareholder with an investment of up to $120 million that will fund joint development of new LCD screens for mobile devices.
Qualcomm’s investment in Sharp will be made in two stages because the initial injection of cash is not sizeable enough to completely stabilize Sharp’s finances.
- Chrysler Posts Strong November Sales Figures
- Business Watch: Mixed Bag on Wall Street, Facebook Mulls App Acquisition
- KBR Parts with East End Property for $27M, Documents Reveal
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