Stocks declined, as investors fixated on the lack of a federal government budget deal and ignored upbeat economic reports in the U.S. and China. The Labor Department reported the cost of living fell 0.3% last month, U.S. industrial production climbed 1.1% in November as manufacturing picked up in the wake of Hurricane Sandy. Best Buy declined 14.7% after the co. said it had prolonged the time frame for co-founder Richard Schulze to make a buyout offer until after the holiday season. Apple fell 3.8%, dragging tech sector down, after UBS AG reduced its price estimate for Apple’s shares, citing worries of slowing demand for the iPhone and iPad. Adobe rose 5.7% after the firm reported better-than-expected quarterly earnings after the close of trading on Thursday. Fiscal-cliff negotiations, once again, are likely to edge out other market catalysts in the coming week and may keep “Santa Claus rally” in check this year. The coming week also brings quarterly earnings reports from some big-name companies, including Oracle Corp, Bed Bath & Beyond, FedEx, Jabil Circuit, Micron Technology, Nike and Red Hat and Walgreen.
