NEW YORK — Stocks dipped Wednesday, recording their first loss of the week. President Barack Obama and Republicans in Congress sniped at each other, and a deadline to avoid sweeping tax increases and government spending cuts drew closer.
General Motors stock surged after the government announced plans to sell its ownership stake in the company.
The Dow Jones industrial average closed down 98.99 points, or 0.7 percent, at 13,251.97. The Standard & Poor’s 500 index dropped 10.98 points, or 0.8 percent, to 1,435.81. The Nasdaq composite index fell 10.17, or 0.3 percent, to 3,044.36.