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8B Daily News – Thursday, November 15, 2012 Furniture Depot 235 So. Main St., Red Bluff 527-1657 SAT. 9:00-5:00 • SUN. 11:00-5:00 MON.-FRI. 9:00-6:00 Investors drew little hope Wednesday for a quick compromise in U.S. budget talks after President Barack Obama insisted that higher taxes on wealthy Ameri- cans would have to be part of any deal. NEW YORK (AP) — even a signal from the Fed- eral Reserve that it could launch a program in December to speed job growth failed to encourage investors. The Dow Jones industrial average dropped 185 points. Stocks fell sharply, and would seek higher tax rev- enue from the wealthiest Americans, which faces opposition among some Republicans in Congress. Obama said that a modest increase on the wealthy ''is not going to break their backs.'' ''The Street was looking for him to say some magic buzzwords about avoiding the 'fiscal cliff,' about coop- eration,'' said Sal Arnuk of Themis trading, a New Jer- Obama made clear he sey brokerage. Instead, Arnuk said, the remarks were ''unyielding.'' The ''cliff'' is a package of tax increases and gov- ernment spending cuts that will take effect Jan. 1 unless Obama and Con- gress reach a deal first. They would total about $700 billion for 2013 and could send the country back into recession. Stocks have steadily since voters returned Obama and a divided Congress to power Nov. 6. The Dow has fallen 675 points, or 5.1 percent, including three daily drops of more than 100 points. The Standard & Poor's fallen 500 index has dropped 5 percent in that time, return- ing to where it stood in late July. ''Investors' hopes that the election would end uncertainty remain unful- filled,'' said Lawrence Creatura, a portfolio man- GIANT RECLINER ager at Federated Investors in Rochester, N.Y. ''It's very tough to determine what happens next.'' Obama said Wednesday that he would not to cave to Republicans who have pressed for tax cuts first passed by President George W. Bush to be extended for all income earners. Obama has long opposed extending the cuts for families making more than $250,000 a year, but he gave in to GOP demands in 2010, when the cuts were up for renewal. They were extended two years. with business leaders Wednesday to discuss the economy. The president also met Obama is to meet Friday with Republican House Speaker John Boehner and the top Republican in the Senate, Mitch McConnell. They are expected to desig- nate aides to begin the search for a compromise on the budget. In Celebration of the Giants World Championship SAVE AN EXTRA $ in stock recliner 100 off any Stocks slide as impasse over budget deficit looms Wall Street the middle class isn't get- ting hit, reduces our deficit,'' he said. On Wednesday, the Dow dropped 185.23 points, or 1.5 percent, to 12,570.95. The S&P fell 19.04 points, or 1.4 per- cent, to 1,355.49, and the Nasdaq composite declined 37.08 points, or 1.29 per- cent, to 2,846.81. 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The S&P has fallen 7.5 percent since its Sept. 14 peak, and the Dow has fallen 7.6 percent, more than 1,000 points, since its Oct. 5 peak. Among individual stocks, Abercrombie & Fitch, which sells teen clothes, bucked the trend of a declining market and was by far the best-performing stock in the S&P 500. Abercrombie jumped $10.54 to $41.92 after reporting that its interna- tional business was thriving and that its net income soared 40 percent in the most recent quarter, more than financial analysts were expecting. The Commerce Depart- ment said that Americans cut back on spending in October, suggesting that many are still cautious about the economy. 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