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Shares Continue to Drop on Cliff Fears; Google Maps Gets an Edge on Apple (GOOG, AAPL)

By: , dated December 13th, 2012
Stocks slipped on Thursday as tension continued with federal budget talks between Speaker Boehner and President Obama. The two are planning to meet at 5pm today to discuss the fiscal cliff and recent proposals in order to find a resolution. Also on Thursday the S&P 500 cut the UK’s credit rating outlook from stable to negative. This put even more pressure on oil, which settled lower due to demand worries. In the US, it was announced that retail sales were up for the month of November mostly due to strong holiday spending. In corporate news, Best Buy (BBY) saw shares jump 17% after reports that a bid for the company will be made by the end of the week. Google (GOOG) gained after releasing their map application for Apple Inc.’s (AAPL) iPhone. UBS AG (UBS) is now facing a $1 billion fine in the Libor probe, the largest so far for the sixteen banks involved.

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