Stocks extended losses as worries about the global economy and U.S. “fiscal cliff” displaced enthusiasm that came with upbeat economic reports. Bloomberg News reported that European Union ministers would delay a Greek aid call for weeks. Also, the ECB held interest rates steady and President Mario Draghi said the economic forecast had worsened with the central bank still ready to start its bond-buying plan if governments meet the required conditions. Weekly jobless claims fell by 8,000 to 355,000. Apple sank 3.63% amid production worries related to the iPhone 5. Meanwhile, Oppenheimer analyst argued in a note that the recent selloff has been “overdone,” urging clients to buy the shares on their recent weakness. On the upside, Qualcomm added 4.4% after the co. issued a stronger-than-expected forecast for the current quarter and fiscal year. Juniper Networks lost 0.96% despite Cantor Fitzgerald upgraded the co.’s rating to buy from hold, citing a potential 2013 “inflection” based on lower expenses and an uptick in telecommunications spending. After the close Groupon stumbled 15% after quarterly results from the daily-deals site fell short of expectations.
