U.S.MARKET UPDATE

The  U.S. stocks dropped on Tuesday as concern over the threat to the world economy posed by the U.S. “fiscal cliff” offset optimism from a deal to ease Greece’s debt burden, though European and Asian stocks gained on initial investor optimism.

The Dow Jones industrial average .DJI ended down 89.24 points, or 0.69 percent, at 12,878.13. The Standard & Poor’s 500 Index .SPX was down 7.35 points, or 0.52 percent, at 1,398.94. The Nasdaq Composite Index .IXIC was down 8.99 points, or 0.30 percent, at 2,967.79.

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