Stocks slip one day after biggest plunge of 2012

Stocks turn lower on Wall Street, a day after worst loss of 2012, as fears of gridlock return

Associated Press

NEW YORK (AP) -- Stocks are slipping on Wall Street, a day after the Dow Jones industrial average logged its biggest one-day drop of the year, as investors fretted about the potential for gridlock in Washington.

The Dow was down 23 points at 12,909 at midday Thursday.

The Standard and Poor's 500 index fell four points to 1,391 and the Nasdaq composite fell 10 to 2,927.

The Dow plunged 313 points Wednesday, its worst drop of the year, after President Barack Obama won a second term.

Investors worried again Thursday about Europe's problems and the so-called fiscal cliff in the U.S., a package of tax increases and government spending cuts that will occur unless Congress acts by the end of the year.

Monster Beverage sank after its revenue growth slowed in the third quarter.

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