AP News

Stocks fall sharply after Republicans cancel vote

NEW YORK (AP) — Stocks are opening sharply lower on Wall Street.

The big drop comes after House Republicans called off a vote on tax rates. That left federal budget talks in disarray 10 days before sweeping tax increases and government spending cuts take effect.

The Dow Jones industrial average is down 116 points at 13,195. The Standard & Poor's 500 index is off 13 points at 1,430. And the Nasdaq composite index is down 54 at 2,996.

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