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U.S. stocks end lower following late-time sell-off


09:57, November 28, 2012

NEW YORK, Nov. 27 (Xinhua) -- U.S. stocks ended lower on Tuesday as negative remarks on the fiscal cliff negotiation spurred a round of late-time sell-off.

When the market closed, the Dow Jones Industrial Average dropped 89.24 points, or 0.69 percent, to 12,878.13. The Standard & Poor's 500 was down 7.35 points, or 0.52 percent, to 1,398.94. The Nasdaq Composite Index lost 8.99 points, or 0.30 percent, to 2,967. 79.

The sell-off came in the final hours of the trading after Senate Majority Leader Harry Reid said there has been "little progress" in dealing with the "fiscal cliff."

Before that, stocks fluctuated between gains and losses as investors weighed a series of U.S. positive data, Greece debt deal against global economic growth concern and worries about looming " fiscal cliff".

The Conference Board said its consumer confidence index climbed to 73.7 in November, the best reading since February 2008.

A separate report from the Commerce Department showed that orders for core capital goods rose 1.7 percent in October, the best showing in five months.

Also, U.S. home prices continued to rise in the third quarter, adding to evidence that the housing market was gradually bottoming out.

Meanwhile, the international lenders reached a last minute deal to release emergency aid funds to Greece, helping ease concerns about European debt crisis. But analysts believed the latest deal offered no plans to solve the country's long-term debt problems.

Concerns about global economic growth re-emerged after the Organization for Economic Cooperation and Development cut on Tuesday its global growth forecasts for this year to 2.9 percent from previous estimation of 3.4 percent growth in May. The Paris- based think-tank warned that the recession-hit eurozone was the biggest threat to world economy.

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