Stocks Drifting Lower As 'Fiscal Cliff' Issue Overshadows Good Economic Data in U.S., China

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U.S. stocks are drifting lower today after a meeting last night between President Obama and House Speaker John Boehner again appeared to highlight a lack of progress in resolving a dispute over tax hikes and spending cuts slated to take effect in 2013. This has overshadowed positive economic news here and abroad. Industry groups in the S&P 500 are roughly split between winners and losers, with technology stocks leading the declines, including a 3% slide for Apple Inc ( AAPL ) shares after UBS cut its price target for the company by $80 to $700, citing a weak debut for its iPhone5 line in China this week. Commodities are mostly higher.




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This article appears in: Investing , Commodities

Referenced Stocks: AAPL

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