Wall Street drops 1 percent, fiscal deal unlikely before 2013
NEW YORK (Reuters) – Stocks sank more than 1 percent on Friday after a Republican proposal for averting the "fiscal cliff" failed to pass, diminishing hopes a deal would be reached soon in Washington. Trading is expected to be volatile as investors view a fiscal agreement between the White House and Republicans before the year-end as increasingly unlikely. With volume thin ahead of the holidays, market swings could be amplified. The CBOE Volatility index jumped 11. 5 percent. . . .
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