Stocks are sharply lower on news budget talks have broken down between Republicans and President Obama. House speaker John Boehner says he still wants a deal with the President to avoid massive tax hikes in January. The two sides may come back to work over Christmas break. But at lunchtime on Wall Street, the Dow down 1.3%, the S&P is down 1.4% and the Nasdaq is lower by 1-1/2%.
Research In Motion (RIMM) continued its slide. According to Reuters, the blackberry maker's new fee structure for its high-margin services has some investors worried about its effect on profitability for that sector. Research In Motion down 2-3/4% in Friday afternoon trading.
Almost all Dow components were lower, with Bank of America (NYSE:BAC), Microsoft (NASDAQ:MSFT) and Hewlett Packard (NYSE:HPQ) losing the most midday.
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