Long downhill is seen for Wall Street ahead of "fiscal cliff"

11/11/2012 | Reuters

With the S&P 500 now below its 200-day moving average, the U.S. stock market might be in for more downward movement as investors contemplate the recession implications of automatic federal tax increases and spending cuts scheduled for the end of December. "You would have thought the 'fiscal cliff' scenarios would have been already mulled over and priced in, but they weren't. It's almost like the market has [attention deficit disorder] and can only focus on one thing at a time," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Md.

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