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Stocks edge lower as fiscal cliff deadline nears

Stocks edged lower for a fifth day on concern that Washington lawmakers will fail to reach a budget deal before a year-end deadline. If stocks end the day lower, it will mark the longest losing streak in three months.

By Steve Rothwell | Updated on December 28, 2012

NEW YORK (AP) — Stocks edged lower for a fifth day on concern that Washington lawmakers will fail to reach a budget deal before a year-end deadline.

The Dow Jones industrial average slid 48 points to 13,048 as of 11:10 a.m. Eastern, after dropping as much as 109 points in early trading. The Standard & Poor 500 index fell 5 points to 1,413 and the Nasdaq dropped 5 points to 2,981.

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