News Summary: Stocks slide as budget impasse nears

News Summary: Stocks slide as President Obama offers few signs of quick budget resolution

Associated Press

NO OLIVE BRANCH: President Barack Obama gave investors hoping for a quick deal in Washington to avoid the "fiscal cliff" little cause for optimism. The President reiterated that higher tax payments from wealthy Americans would have to be part of any deal. Concern about the looming mandatory tax increases and spending cuts have weighed on stocks since the election.

FED FAILS TO LIFT MOOD: Comments from the Federal Reserve that it may announce a new bond-buying program to help spur job growth failed to boost stocks.

ABERCROMBIE & FITCH SURGES: The clothing retailer, a favorite of teens, surged after reporting growing sales and higher net income. The stock climbed $10.74, or 34.4 percent, to $41.92.

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