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8B Daily News– Wednesday, November 28, 2012 NEW YORK (AP) — Stocks slumped on Wall Street Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington. The Dow Jones indus- Stocks slide on 'fiscal cliff' warning Wall Street trial average closed down 89.24 points to 12,878.13. The Dow and other index- es had been moving between small gains and losses for most of the day, then turned lower after Reid's comments in the early afternoon. ''We have to get away from the happy talk and start talking about specific things,'' Reid told reporters in televised comments. The Standard & Poor's 500 lost 7.35 points to 1,398.94 and the Nasdaq composite index lost 8.99 points to 2,967.79. Worries about the bud- get talks have been hang- ing over the stock market for weeks. Stocks slumped immediately after the Nov. 6 election over concerns that politicians would be unable to reach a deal to trim the deficit before a Jan. 1 deadline. If that deadline isn't met, under current law a series of sharp tax increas- es and spending cuts will come into effect. Econo- mists have warned that the measures could push the economy back into a reces- sion. That deadline has come to be known as the ''fiscal cliff.'' ''The markets are get- ting whipped around, rather sharply, on head- lines,'' said Sal Arnuk, co- founder at Themis Trad- Former Holiday Market ALL FRESH WREATHS, ARRANGEMENTS & MORE CHRISTMAS BOUTIQUE 616 CEDAR ST. 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''For example, Harry Reid feeling we're not making enough progress on the fiscal cliff.'' Last week stocks pared some of the losses that fol- lowed the election. Presi- dent Barack Obama plans to make a public case this week for his strategy for dealing with the issue as he pressures Republicans to allow tax increases on the wealthy while extending tax cuts for families earn- ing $250,000 or less. The S&P declined as much as 5 percent in the weeks after voters returned a divided government to power, with President Barack Obama returning to the White House and Republicans retaining con- trol of the House. investors took little com- fort from the latest deal to deliver financial aid to Greece and increases in U.S. consumer confidence and orders for machinery and equipment. Earlier in the day, based hedge fund. The S&P is up 11 percent this year, the Dow 5 percent. ''The glass is half- empty right now,'' Landes- man said. While stocks have gained this year as the Fed- eral Reserve has main- tained it bond-buying stim- ulus program, concern about global growth and the budget fight in Wash- ington may limit further advances, said Uri Landes- man, President of Platinum Partners, a New York- The S&P rose as high as 1,465 in September, the highest in almost five years, after the Federal Reserve said it would extend its so-called quanti- tative easing program and buy more bonds. The pro- gram is intended to lower borrowing costs and stimu- late hiring. 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Orders rose 1.7 percent in October, the best showing since a 2.3 percent rise in May. The yield on the 10- year Treasury note edged down to 1.65 percent. Among other stocks making big moves: —ConAgra advanced $1.34, or 4.7 percent, to $29.63 after it agreed to buy Ralcorp for $5 billion in a deal that will make it the nation's biggest maker of private-label foods. Ralcorp surged $18.57, or 26.4 percent, to $88.80. —Corning Inc., a spe- cialty glass maker, rose 78 cents, or 6.9 percent, to $12.13 after it said that North American television sales are stronger than expected in the fourth quarter, boosting demand for its products. —Monster Beverage Corp. soared $6.69, or 13.3 percent, to $51.97 as concerns eased about increased regulation for the energy drink maker following a letter to sena- tors, made public Tues- day, from the U.S. Food and Drug Administra- tion. Hewlett-Packard on allegations of an accounting ruse is stepping up his attack on the company accusing him. Autonomy mess lashes out PALO ALTO (AP) — An executive vilified by Exec embroiled in HP- In a letter to HP's board released Tuesday, former Autonomy CEO Mike Lynch defends his record. He also suggests Hewlett-Packard Co. is using the charges of financial shenanigans to cover up damage caused by its own mismanagement. The missive represented Lynch's most extensive remarks since HP accused him last week of deceiving the company about the growth of Autonomy, a busi- ness software maker that HP bought for $10 billion last year. He had previously denied HP's accusations. HP absorbed an $8.8 billion charge to reflect Autonomy isn't worth what the company paid.